Credit Management magazine May 2026

CREDIT MANAGEMENT

CM

MAY ISSUE 2026

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

STANDING

TOGETHER

Why the industry must

unite to face the evolving

challenges of fraudsters

COLLECTIONS

CSA sets out case for

smarter public sector

recoveries.

PAGE 12

DATA

PROTECTION

What to expect from

the Data Act.

PAGE 20

LATE

PAYMENTS

Late payment issues

hamper UK businesses.

PAGE 24

IONA YADALLEE

EDITOR

Editor’s column

A BRIEF

ESCAPE

SPENDING two weeks with my family

in the warmth of the Indian Ocean

offered a rare sense of distance from

UK news and the daily rhythm of

economic headlines. For a short while,

everything felt a little simpler. It was

blissful – and, if I’m honest, a welcome

chance to step off for a moment.

My thanks, of course, to the team who kept everything

moving in my absence. But coming back, it quickly

became clear that while I’d stepped away, the underlying

reality hadn’t changed. The conflict is no closer to a

conclusion, petrol prices are up, mortgage products are

being quietly withdrawn, and there is talk of possible

food shortages by the summer.

That’s what makes the current moment feel slightly

out of sync. On paper, the picture isn’t all bad. Recent

GDP figures point to modest growth, and there are

signs, at least in the data, of resilience. But those figures

are already in the rear-view mirror, reflecting a period

before the latest escalation in the Middle East. Events

have moved on, and with them, so too has the outlook.

There is movement, but not necessarily progress.

What was expected to be a short, sharp conflict is instead

dragging on, with little sign of resolution. Each passing

week brings renewed pressure on energy prices and

fresh geopolitical tension, but little in the way of clarity.

Attention that was once firmly on growth and stability

now feels increasingly diverted towards protection and

security. And then there are the reactions. The Bank

of England offers reassurance, yet markets respond

by tightening. Lenders withdraw products. Signals

that are intended to calm instead seem

to create further caution. For businesses

and households alike, it becomes harder

to know what or who to trust.

It also raises a broader question. The

COVID-19 response is still being reviewed,

at significant cost, and with the promise of

lessons learned. But as a new global shock

unfolds, it’s worth asking how much of that

learning is being applied in real time. Are we better

prepared, or simply facing a different version of

the same challenge?

For credit professionals, this lack of alignment between

headline optimism and day-to-day reality is nothing

new. You see the pressure points early, rising costs,

stretched customers, changing behaviours, often

before they show up in the data. You’re working in

the space where confidence is tested, not assumed.

That’s reflected in this issue. From the

growing strain caused by late payment to the

increasingly sophisticated nature of fraud, and

the continued evolution of regulation and data

frameworks. The themes coming through are that

complexity is increasing, and the margin for error

is narrowing.

And that’s perhaps the real story. Not whether growth

is 0.3% or 0.5%, but how stable that growth is in the face

of ongoing uncertainty. Only time will tell.

In the meantime, I suspect I won’t be alone in wishing

I was still a little further away from it all.

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

contents

May 2026 issue

12 – PULLING THE PLUG

Why are more SMEs choosing liquidation

over rescue?

14 – THE CHANGING LANDSCAPE

Fraudsters continue to innovate with the use

of new technologies.

18 – BEYOND ACTIVITY

What a live “Situation Room” revealed about

activity, risk and cash performance.

20 – THE DATA RESET

The Data (Use and Access) Act is finally law

– here’s what to expect.

24 – FALLING BEHIND

With persisting late payments, UK firms are

slow to grasp AI potential.

32 – COUNTRY FOCUS

The hills are alive with the sound of money in

Austria.

38 – TIME FOR A CHANGE

Enforcement reform welcomed after 12-year

freeze on fees.

42 – BEYOND THE NEXT STEP UP

Career growth isn’t always a promotion.

44 – REASONS MATTER

Dismissal fairness turns on the employer’s

actual rationale.

46 – GEOPOLITICS, ENERGY AND

SUPPLY CHAINS

The real credit risks facing UK businesses in

2026.

47 – FRESH START FOR MEMBERS

The value that credit professionals bring to the

table.

10

NEWS SPECIAL

32

12

INSOLVENCY

Why are more SMEs choosing

liquidation over rescue?

COUNTRY FOCUS

47

FRESH START


CICM GOVERNANCE

14

FRAUDSTERS

President: Stephen Baister FCICM

Chief Executive: Sue Chapple FCICM

Executive Board: Chair Neil Jinks FCICM

Vice Chair: Allan Poole FCICM

Treasurer: Glen Bullivant FCICM

Larry Coltman FCICM

Peter Gent FCICM(Grad)

Paula Swain FCICM

Advisory Council: Laurie Beagle FCICM

Laura Brown 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

20

DATA PROTECTION

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THE NEWS

CMNEWS

A round-up of news stories from the

world of consumer and commercial credit.

“Most of us wouldn’t

dream of declining an

offer of £700, but we could

be doing exactly that

when it comes to the FCA’s

redress scheme.’’

Equifax launches app

for FCA’s redress scheme

EQUIFAX has launched

a free app designed to

help consumers find

old or missing car

finance paperwork

ahead of the Financial

Conduct Authority’s

(FCA) expected motor finance consumer

redress scheme.

The scheme, due to take effect soon,

could leave millions of consumers eligible

for compensation for mis-sold car loans.

Equifax said around 14 million car finance

agreements, including those for vans,

motorbikes and campervans, may be

eligible, with estimated payouts averaging

£700.

Available now, the myEquifax app

includes a free car finance checker tool.

Equifax says the app enables consumers

to view a list of past agreements and use a

‘Share Agreement’ function to extract and

paste key details such as reference numbers,

dates and amounts into a chosen format,

including an email to a lender. The app also

provides access to the Equifax Basic credit

score.

Craig Tebbutt, Financial Health Expert

at Equifax UK, said: “Most of us wouldn’t

dream of declining an offer of £700, but we

could be doing exactly that when it comes

to the FCA’s redress scheme. The FCA

estimates 14 million car finance agreements

are potentially eligible for compensation,

but old or missing paperwork means

accessing the necessary information can

be a real barrier and we know that many

expect the process to be a hassle. The new

myEquifax car finance checker app is a free

tool for consumers to simplify finding and

accessing past loan records and sharing key

details with lenders in minutes.”

A recent Focaldata survey of 2,000 UK

consumers found some people put off

financial administration because they do

not want to confront reality (25%), lack

time (21%) or see it as difficult (17%), while

21% delay it because of inconvenience.

“We’re a nation of savers and there are

lots of good personal finance habits out

there to celebrate, but a thorough MOT

of our household finances can often fall

down the priority list,” says Tebbutt. “Small

habits like regularly checking your credit

score can help empower financial wellbeing

and enable consumers to meet their

financial goals faster.”


CREDIT MANAGEMENT

ECB launches * new

vulnerability standards

THE Enforcement Conduct Board (ECB)

has published its updated Vulnerability

Standards for enforcement firms and

agents.

The standards seek to establish a higher

level for how enforcement firms and agents

identify and deal with vulnerable people.

As part of the enhanced standards, firms

will be required to provide training, so that

all staff know how to support vulnerable

customers. The new standards also

highlight sustainable repayment plans for

when people cannot repay in full and make

it easier for people to get debt advice.

Chris Nichols, CEO of the Enforcement

Conduct Board said: “Enforcement can be

a challenging experience for vulnerable

people. These new Standards provide

crucial additional protections for those

who need them most.”

While the Standards will take formal

effect in January 2027, enforcement firms

must demonstrate their implementation

plans by June 2026, showing how they and

10% increase in conduct breaches

THE Financial Conduct Authority (FCA)

saw a 10% rise in reports of conduct breaches

from financial services firms according to

employment law firm Littler.

A breach of conduct occurs when an

employee breaks one or more of the

FCA’s Conduct Rules, which establishes

minimum standards for behaviour in

financial services, including acting with

integrity, skill, care, and in clients’ best

interests.

Sophie Vanhegan, Partner at Littler,

explains: “With the increased focus on

non-financial misconduct and broader

workplace culture over the past few

years, very few financial services firms are

willing to take chances over allegations of

misconduct by their staff.”

their staff will prepare.

Alan J. Smith, Chair of The High

Court Enforcement Officers Association,

said: “We welcome the publication of

these new Vulnerability Standards from

the ECB. A critical point that is really

important for everyone involved in

the sector to understand is that, under

these new standards, identifying someone

as vulnerable does not mean that

enforcement activity has to automatically

stop.

“The Standards state that agents

and firms must respond to identifying

someone as vulnerable in a way that

‘sufficiently mitigates the risk of that

person experiencing foreseeable harm and

avoids exacerbating their vulnerability. We

think that is a key point and we will be

working with our members and the ECB

over the coming months to help the ECB

produce the guidance that will accompany

these Standards before they take effect in

January 2027.”

She adds: “They know that properly

investigating allegations of misconduct,

and where appropriate, timely reporting

to the regulator, is key to maintaining a

healthy workplace culture and supporting

a strong relationship with the regulator, as

well as putting them in a strong position

from a reputational standpoint if news

of the misconduct gets into the public

domain.”

In late 2025, the FCA also finalised its

guidelines on non-financial misconduct.

These come into force from September

2026 and are intended to provide firms

with a clearer direction from the regulator

on how to handle allegations of nonfinancial

misconduct and when such issues

may carry regulatory implications.


Pension fund warning

FORMER pensions minister Baroness Ros

Altmann has warned UK pension schemes

could face a ‘liquidity trap’ if they increase

allocations to private markets through

open-ended fund structures, as redemption

pressures grow globally.

“I do think there are some serious concerns

with the timing of the Government’s

attempts to push UK pension funds into

private assets,” Altmann said. “We are

already seeing the dangers of private credit

markets and the liquidity strains that can

occur.”

The warning comes amid scrutiny of

private credit, where loans can be harder

to sell quickly in stressed markets. For

pension funds, higher exposure to less

liquid assets could heighten liquidity risk if

investor withdrawals accelerate, potentially

forcing asset sales at discounted prices and

tightening lending conditions.

Fastest turnaround

UK financial services firms reported a

surprise rebound in activity at the start of

2026, marking the sector’s fastest turnaround

in 30 years, according to a long-running

Confederation of British Industry (CBI)

survey. Banks, insurers and investment

managers said business volumes were rising,

with a positive balance of almost two-thirds

reporting growth.

That compares with a negative balance

of 38% in December, despite the start of

the US-Israel war on Iran. The CBI said

the shift was the sharpest change since

December 1996. The stronger showing will

be welcomed by chancellor Rachel Reeves,

who has described financial services as the

“crown jewel” of the economy and has urged

regulators to prioritise growth alongside

consumer protection.

John Cronin, a Banking Analyst at

SeaPoint Insights, said: “The strength of

activity observed in the first quarter is

underpinned by supply-side factors in

terms of improved credit availability and

demand-side factors in the context of strong

household and business financial resilience,

in my view. However, conditions can change

rapidly and the impact of the Middle

East turmoil could quickly impact on the

improved sentiments noted in the survey.”

continues on page 8 >

NEWS

CFO confidence hits

low amid geopolitical risk

CONFIDENCE among

finance leaders at the

UK’s largest companies

has fallen to a six-year

low, with geopolitical

instability now the

dominant external risk

on CFOs’ agendas, according to Deloitte’s

latest CFO Survey.

The survey, conducted between 16 and 30

March 2026, found CFO confidence fell to a

net -57%, down from net -13% in the previous

quarter. Deloitte said concerns over energy

prices, inflation and interest rates have

intensified in the wake of the situation in

the Middle East.

Geopolitical developments were again

cited as the single greatest external risk

facing businesses. Deloitte reported that

concern reached a record high this quarter,

with a weighted average rating of 79, up

from 65 previously. Risks linked to energy

supplies and costs were also elevated,

with higher energy prices or disruption to

supplies rated 70 (up from 47), while worries

about interest rate rises rose to 65 (from 44).

Ian Stewart, Chief Economist at Deloitte

UK, said: “The conflict in the Middle East

is reshaping business sentiment: it’s created

a shock to CFO confidence, lowering

“The conflict in

the Middle East

is reshaping

business

sentiment: it’s

created a shock to

CFO confidence,

lowering

optimism to

levels we haven’t

seen since the

early days of the

COVID-19”

optimism to levels we haven't seen since

the early days of the COVID-19 pandemic.

Finance leaders are coping with high levels

of external uncertainty, and their focus is

on managing risks from geopolitics, rising

energy prices and higher financing costs.”

Deloitte also asked CFOs to consider

how adverse geopolitical developments

could affect their businesses over the next

three years. The most commonly cited

consequences were higher energy costs

(61%) and inflation and interest rates (61%).

An increase in cyber-attacks (60%) was the

third most frequently identified concern,

rising from 44% last year.

The findings suggest finance leaders

are responding by shifting toward more

defensive financial strategies. Cost control

was the top priority for the next 12

months, with 68% of CFOs describing it

as a strong focus, up from 51% last quarter.

Strengthening cash positions also moved

higher on the agenda, with 43% citing cash

control as a key priority, up from 36%.

At the same time, expectations for

investment and recruitment have weakened.

A net 46% of CFOs expect UK corporates to

reduce capital expenditure, while net 72%

anticipate lower discretionary spending and

net 79% expect hiring to fall.


CREDIT MANAGEMENT

NS&I faces scrutiny over

£470m savings failure

THE Chief Executive of National Savings

and Investments (NS&I) has been forced

out after operational errors left thousands

of bereaved families unable to access savings

held by the state-backed institution.

NS&I is in discussions with the

Treasury to repay about 37,500 people who

collectively have £470m in deposits trapped

at the bank following long-running

mistakes. Ministers have appointed an

interim Chief Executive and said affected

customers will receive compensation where

appropriate.

The Pensions Minister, Torsten Bell, told

MPs that Dax Harkins had been replaced

on an interim basis by Jim Harra, the

former head of HM Revenue and Customs.

Bell said NS&I had alerted the Government

in December to an “operational failure”

to comprehensively trace the accounts of

some customers who had died, adding that

the issue was rooted in a “tracing” problem.

He reiterated that customers’ savings

were “100% safe” and guaranteed by the

Government.

Families have described lengthy and

distressing attempts to recover money

due to estates. Tracy McGuire-Brown

told the BBC it took six years to receive

her late father’s premium bonds, while

another complainant, Phil Fraser from

Leeds, said NS&I was the worst of the

financial institutions he dealt with when

administering his father’s estate.

FCA outlines open

finance vision

THE Financial Conduct Authority (FCA)

has set out its vision for open finance

aimed at giving consumers and businesses

greater control over their financial data,

with the goal of helping them secure better

deals and access more tailored financial

products.

Under its proposals, the FCA said

open finance could support better access

to mortgages, investments, savings and

pensions, while giving firms a fuller

view of customers’ finances to offer more

personalised and inclusive services, more

competitive pricing and stronger fraud

protection. The FCA will prioritise work

on how open finance can help SMEs

improve access to credit and speed up

loan applications, and how it can help

consumers manage and improve access to

mortgages.

Harra will lead a three-month review into

how the failings occurred and what lessons

must be learned. Bell said: “NS&I is not

regulated by the FCA, but the Government

expects it to live up to the same standards

as regulated deposit-taking banks. And so

it is right that NS&I is apologising today.”

The Treasury has hired external advisers,

including EY, to assess the scale of the

errors. Bell said three-quarters of identified

cases relate to the period 2008 to 2025, and

NS&I has hired an additional 100 staff to

help resolve the backlog, including paying

interest owed.

David Geale, Executive Director for

Payments and Digital Finance at the FCA,

said: “Open finance has the potential

to transform how people interact with

financial services. By giving consumers and

businesses more control over their own

financial data, we can help them access

credit, secure better deals and receive

more customised support – while fuelling

innovation, competition and supporting

economic growth.”

The FCA will work with industry,

consumer groups and other regulators to

develop practical use cases through its Smart

Data Accelerator and PRISM taskforce. It

will also work with HM Treasury on options

for a regulatory framework by the end of

2027, while supporting firms to introduce

open finance products sooner where data

access and permissions are already in place.

Pepper Advantage

unveils strategic

servicing solution

PEPPER Advantage, an international credit

management and technology company has

launched its Strategic Servicing solution,

providing institutional investors with

enhanced, independent oversight of credit

portfolios.

Developed in response to recent market

challenges, the service includes third-party

oversight, automated workflows, analytics,

and collateral verification. Powered by

the PRISM platform the offering aims to

address gaps in governance and improve

operational resilience.

Fraser Gemmell, Group CEO of Pepper

Advantage, said: “Strategic Servicing

leverages our established master and backup

servicing expertise, combined with

proprietary analytics and technology, to

provide fast, auditable assurance across loan

origination, collateral management, and

payments.”

Iran conflict will

impact borrowers

MORE than 1.3 million households could

face higher mortgage costs as a result of the

continuing geopolitical shocks, according to

the Bank of England.

The Bank of England’s Financial Policy

Committee has forecast that close to 60%

of borrowers across the country could face

higher mortgage payments by the end of

2028, an increase from the 3.9 million cited

before the conflict began.

It is estimated that over 20% of mortgage

products have been withdrawn or repriced

since the start of the Iran War in early

March. Prior to the conflict a typical twoyear

fixed rate mortgage stood at between

4.8%-5.3%, with the rates (as at time of

writing) now standing closer to 5.9%.

UK patent filings dip

UK innovators filed 5,875 patent

applications with the European Patent

Office (EPO) in 2025, according to the

EPO Technology Dashboard 2025. Filings

were down 3.3% on 2024 after three years

of growth, but remain 13.5% higher than in

2016. The UK ranked ninth among countries

of origin for EPO applications.

Across all countries, the EPO received

201,974 patent applications in 2025, up 1.4%

year on year and the first time filings have

exceeded 200,000.

For UK applicants, computer technology

led filings, followed by other consumer

goods and medical technology. Greater

London remained the UK’s leading region.


NEWS SPECIAL

CSA SETS

OUT CASE FOR

PUBLIC SECTOR

COLLECTIONS

THE Credit Services Association

(CSA) has published a new

discussion paper, calling for a

fresh debate on how public sector

collections can be modernised.

The paper, published on 16 April,

suggests that the Government should look beyond

simply adding more resource and instead pursue a

smarter, fairer and more efficient system for recovering

money owed to the public purse.

The CSA’s paper, ‘‘Ten key discussions in the debate

around modernising public sector collections’’, is

intended to spark constructive engagement across

central and local Government, regulators, advice

bodies and the wider collections sector on what good

practice should look like in modern, public sector debt

recovery.

At the centre of the paper are ten key discussion

points for policymakers and stakeholders, including

cross-Government data sharing, the use of modern

communications technology, adult financial education,

enforcement powers, the future of the Fairness Charter,

a potential universal Priority Services Register, the

role of credit reporting, the possible value of debt sale,

more flexible Treasury rules, and a new approach to

commercial debt recovery.

Report author Daniel Spenceley, and CSA Head of

Policy, said: “Public sector collection practices have

made progress in recent years – and the new Debt

Management Strategy is extremely welcome – but the

pace of change is uneven. We recognise the challenges

that face Government, both central and local, when

there are gaps in funding and pressure on services.

However, the standards seen in the best of private

sector collections demonstrate that better practices

and healthy recovery rates can go hand-in-hand.”

Spenceley added: “The tone and content of collections

communication is often critical to positive engagement.

Some public bodies may be hampering their own

ability to secure early contact by starting conversations

in a needlessly adversarial way. A compassionate and

constructive approach to early arrears communications

can improve engagement while supporting those most

in need.”

The CSA calls for better use of data to support debt

recovery, tackle fraud, and identify vulnerable people

who may require additional support. It also suggests that

digital channels, including web chat, chatbots and selfservice

portals could help Government communicate

more effectively and manage high volumes of

correspondence more efficiently. The CSA suggests

that some parts of Government remain hesitant to

fully embrace digital communications, citing fears of

fraud risk, but indicates that some of these risks could

be mitigated through safeguards, awareness campaigns

and modern technology solutions.

The paper builds on the Government’s recently

launched debt management strategy which seeks to

address the £50 billion+ in unpaid taxes. The 2026/2030

Government Debt Management Strategy, published in

March, focuses on three key priorities: preventing debt

from arising, resolving existing debt more effectively,

and improving systems, data, and coordination across

departments.

Launching the strategy, Lucy Rigby, Economic

Secretary to the Treasury noted that: “The 2026-

2030 Government Debt Strategy: Prevent, Resolve,

Improve, sets out how we will make the management

of debt owed to Government more consistent,


CREDIT MANAGEMENT

“Public sector collection

practices have made

progress in recent years

– and the new Debt

Management Strategy is

extremely welcome’’

transparent and fair. Government must be an effective

creditor – robust in tackling non-compliance,

including fraud and criminality, while acting fairly

and proportionately. This means supporting those in

vulnerable circumstances, taking account of what is

genuinely affordable, and helping to prevent financial

difficulties from escalating.”

The Government’s debt strategy has confirmed

support through the Government Debt Management

Function (GDMF), including building a data-led

approach to better understand risks and to improve

cost-efficiencies. It also said it will better distinguish

how different types of debt are managed and maximise

the links between different functions and professions

across Government. It added that it will focus “more

intensely on building a professional, skilled and thriving

debt management community across Government and

the wider public sector.”

KEY QUESTIONS SHAPING

THE FUTURE OF PUBLIC

SECTOR COLLECTION

The CSA’s discussion paper sets out ten key

questions it believes policymakers and practitioners

should be addressing as public sector collections

evolve. Together, they highlight where current

approaches may be falling short, and where reform

could unlock better outcomes for both the public

purse and those in debt.

1 Is cross-government data sharing working as it

should?

2 Why is there a reluctance to embrace modern

communications technology?

3 How can we address the gap in consumer

education and awareness?

4 Enforcement options across government

departments vary – but why can’t they be options

for all departments?

5 What should be considered in the next review of

the Fairness Charter?

6 Will we see a universal Priority Services Register,

or equivalent?

7 Should government payments form part of a

consumer’s credit record?

8 Is there value for the Government in debt sale?

9 Can we modernise Government financial rules to

invest in collections capability?

10 Is it time for a new approach to commercial

collections and business debt recovery?

The CSA discussion paper follows up on these themes,

with a call for greater modernisation, wider use of

digital communications and for longer-term structural

reforms. It questions whether departments should

be given more flexible financial rules to invest in

collections capability, where doing so would increase

returns to the Treasury.

The paper also argues that the Fairness Charter,

first published in 2024, could be updated to include

complaints, communication standards and outsourced

recovery. It suggests that there may be batches of

unpaid debt which could benefit from debt sale, noting

the idea “rarely comes up for discussion”. It also asks

whether it is time for a new approach to commercial

collections and business debt recovery, including

tackling avoidance and ‘phoenixing’.

On the issue of prevention, the paper says that

employing additional resources towards adult financial

education could help stop individual debt building up

in the first place.

The discussion paper can be found on the CSA

website: www.csa-uk.com/modernising-public-sectorcollections


INSOLVENCY

PULLING

THE PLUG

Why are more SMEs choosing liquidation over rescue?

BY ALEXANDRA DAVIES

IF it feels like more companies are going straight

into liquidation lately, you’re not imagining it.

Across the UK, Creditors’ Voluntary Liquidation

(CVLs) continues to dominate the insolvency

landscape, largely driven by small and mediumsized

enterprises (SMEs).

The more interesting question isn’t whether CVLs are

increasing, it’s why directors seem to be choosing liquidation

earlier, and more readily, than in the past.

A shift in strategy

Historically, directors of struggling businesses would explore

every possible rescue route before considering liquidation.

Options like a Company Voluntary Arrangement (CVA) or

administration were often pursued, even when the chances

of success were slim.

Now, many SME directors are opting to cease trading and

enter CVL sooner, rather than trading on in hope of a

turnaround. In part, that reflects hard-worn realism after

the challenges of the last few years. In other cases, it’s about

limiting the risk of matters worsening, particularly where

personal exposure is a concern. Fewer directors are willing

to “gamble for resurrection.”

Debt hangover isn’t going away

A major driver is the lingering impact of pandemic-era

borrowing, particularly through schemes like the Bounce

Back Loan Scheme. While vital support at the time,

they’ve left many SMEs with stretched balance sheets. For

businesses whose models were already fragile, additional

debt has simply accelerated the inevitable, bringing tipping

points forward.

A more assertive HMRC

Another key factor is the changing behaviour of HM

Revenue & Customs (HMRC). During the pandemic,

HMRC took a supportive approach, offering time to pay

and generally holding back on enforcement action. That

position has shifted.

HMRC is now more active in pursuing arrears, and its

status as a preferential creditor means it now sits higher

up the repayment hierarchy in an insolvency. For SMEs

already struggling with cashflow, mounting tax arrears,

plus increased HMRC pressure can be decisive, making

liquidation the most straightforward route.

It’s not always a clean break

Liquidation may also feel less final than it once did. HMRC

has been making use of Joint and Several Liability Notices

(JSLNs), introduced under the Finance Act 2020, which

can transfer certain company tax liabilities to individuals

connected with the business.

While still targeted, these powers are being used more

frequently, particularly where HMRC suspects avoidance

or so-called “phoenix” behaviour. For directors, it adds

complexity: liquidation may deal with the company’s

position, but it does not always eliminate personal exposure.

Rescue options aren’t always

attractive

Traditional rescue tools aren’t always attractive for

smaller businesses. CVAs can be costly, time-consuming,

and uncertain, with no guarantee of creditor support.

Administration is often not commercially viable unless

there is a clear asset sale or rescue opportunity.

Against that backdrop, CVL can look pragmatic: a defined

process, fewer moving parts, and a clearer endpoint –

sometimes the least-worst option.

The credit impact

For creditors, this shift means insolvencies may come with

less warning if directors act earlier. Recoveries are also

unlikely to improve. With HMRC ranking ahead of floating

charge holders, many SMEs having limited asset bases and

unsecured returns in CVLs remain modest.

All of which reinforces the importance of early engagement

and proactive credit control. Monitoring payment

behaviour, setting clear limits, and acting quickly on

deteriorating accounts is more important than ever.

Author: Alexandra Davies is a senior

manager in the business recovery team at

accountancy firm, Menzies LLP.


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FRAUD

WORK

TOGETHER OR

FALL APART?

As fraudsters continue to innovate with the use of new

technologies, the entire industry must cooperate to face this

evolving challenge.

BY STEVE KIELY

REGULATORS are looking at

fraud in the credit and collections

industry again. This seems to have

been a permanent state of affairs

for several years now.

Under current proposals, the

Financial Conduct Authority (FCA) is aiming to give

lenders more information, with proposals to ‘designate’

certain credit reference agencies, meaning that, if a lender

shares credit information with one designated consumer

reference agency, it would be required to share it with

them all. The ongoing consultation will close on 1 May

2026.

Meanwhile, the pressure on regulators is always to do more.

In January, the Treasury Select Committee complained

that the Bank of England, the FCA and the Treasury are

exposing the public and the financial system to potentially

serious harm due to their current positions on the use of

artificial intelligence (AI) in financial services.

By adopting a wait-and-see approach, it said that the

major public financial institutions are not doing enough

to manage the risks presented by the increased use of AI

in the credit industry.

Chair of the committee, Dame Meg Hillier, said: “Firms

are understandably eager to try and gain an edge by

embracing new technology, and that’s particularly true in

our financial services sector, which must compete on the

global stage.

“The use of AI has quickly become widespread, and it is

the responsibility of the Bank of England, the FCA and

the government to ensure the safety mechanisms within

the system keeps pace. She added: “Based on the evidence

I’ve seen, I do not feel confident that our financial system

is prepared if there was a major AI-related incident

and that is worrying. I want to see our public financial

institutions take a more proactive approach to protecting

us against that risk.”

An escalating concern

If it feels like fraud is a subject that elected officials and

regulators return to time and again, in reality this may

simply reflect the reality that financial crime is evolving

rapidly, as fraudsters seek to stay one step ahead. After

all, early analysis suggests that fraud-related losses in 2025

exceeded 2024’s £1bn benchmark.

A global study, commissioned by Experian, found that 64%

of businesses, across the EMEA and Asia Pacific regions,

report rising fraud losses, with 68% saying their current

fraud technology cannot keep pace with increasingly

sophisticated, AI-enabled attacks. Moreover, 67% expect

that they will face more attacks in 2026 than last year.

Seven in 10 respondents cite strategic reviews of fraud

solutions as their top priority for the year ahead, followed

by migrating systems to the cloud and investing in new

tools.

“Fraud was never a static challenge, it’s constantly

evolving,” says Shail Deep, Chief Operating Office at

Experian EMEA & APAC. “Generative AI is giving

criminals unprecedented speed and sophistication.

Businesses must modernise their fraud strategies now.

Today, 71% of businesses are investing more in fraud

technology than in human analysts, a clear signal that

manual reviews and rules-based systems can no longer

keep up. Device intelligence, behavioural analytics, and

machine learning are becoming essential.”

New threats

It is not just the number, but also the nature of the

threats that is developing. Eliza Thompson, financial

crime researcher at analysts Themis finds that the threats

are becoming “more interconnected and sophisticated”.


CREDIT MANAGEMENT

Collections sector

Although the issue of fraud is often seen through the

lens of lenders, in reality the entire credit cycle is

impacted, and so constantly needs to adapt. The Credit

Services Association (CSA) recently published a report

highlighting the rising scale, complexity and cost of

cyber-security risks facing its members.The report, Cyber

Security: The Billion Pound Risk, highlights just how

financially and operationally devastating cyber incidents

can be, with recent high-profile events demonstrating the

far-reaching consequences of operational outages, data

breaches and ransomware attacks.

Daniel Spenceley, CSA Head of Policy and author of the

report, says: “As cyber-attacks grow in sophistication,

businesses of all sizes — not just critical national

infrastructure — are exposed to financial, regulatory and

reputational harm. The importance of effective cyber

governance and awareness is abundantly clear. It is crucial

that firms take a proactive, structured and well governed

approach to protecting themselves and the consumers

they serve.”

He insists that the industry needs to focus on stronger

regulatory oversight of critical third-parties to protect

entire sectors from systemic outages, clearer regulatory

guidance to resolve seemingly conflicting regulatory

positions on data retention versus data minimisation, and

greater clarity on expectations around the use of AI in

cyber security, risk management and detection.

Motor finance

One sector that has been particularly impacted is

motor finance. Based on a survey of automotive dealers,

Experian finds that nearly nine-in-10 sector professionals

are concerned about fraud, and 70% of dealers believe

fraudulent transactions are on the rise.

She highlights key trends that lenders should be tracking

this year:

• AI-enabled fraud takes centre stage. AI is starting

to reshape the fraud landscape. From hyper-realistic

deepfakes to phishing emails generated in seconds and

tailored precisely to a company’s structure and tone, AI

is industrialising deception, enabling criminals to scale

attacks and sharpen targeting in real time.

• Crime-as-a-service is on the rise. The dark web has

further industrialised fraud, as well as other financial

crimes such as money laundering. Criminals are offering

end-to-end toolkits and services to execute attacks at

scale. For instance, a 21-year-old student was arrested

last year for selling phishing kits linked to £100m worth

of fraud.

• Organised crime is more networked. Highly networked

‘super cartels’ now combine fraud, money laundering and

trafficking crimes across borders. These groups exploit

global financial systems and digital infrastructure, with

illicit proceeds channelled into property, corporate

structures and investment vehicles.

A closer look at the study highlights the financial influence

fraudulent transactions can have on a dealership’s bottom

line. On average, over the last 12 months, dealers reported

approximately four fraudulent deals were completed prior

to detection. Jim Maguire, Experian’s Senior Director for

automotive, says: “These losses will eventually cut directly

into margins and put serious strain on operations, making

it harder to stay profitable.” Beyond direct losses, fraud

is reshaping daily operations and influencing customer

experience. In fact, three-in-four sector professionals

say car-finance fraud affects their business operations.

Furthermore, 53% cite balancing fraud prevention with

a smooth and fast customer experience as their biggest

challenge, while 46% say verification steps slow down the

deal and frustrate customers.

The ‘Paracetamol Problem’

So, what can be done to face this rising challenge? Many

analysts consider that, although the industry continues to

invest heavily in governance frameworks, controls, and

remediation programmes, major failures persist, which

are linked to risk culture.



FRAUD

“A safer digital economy isn’t built by

choosing between seamless journeys and

strong controls – it’s built by embedding

smart security into those journeys from

the start.”

The underlying issue is what Vishwas Khanna, partner

at Avantage Reply, calls the ‘Paracetamol Problem’:

firms repeatedly treat symptoms rather than diagnosing

and fixing the root causes of cultural weakness. In

practice, this means applying short-term fixes – such

as governance changes, additional controls, or training

rollouts – that temporarily reduce visible risk signals,

but do not address how decisions are really made,

how challenge and escalation are encouraged and

monitored, or how commercial and control priorities

are balanced in day-to-day operations. Over time, issues

often reappear in different forms, creating cycles of

remediation without sustained improvement.

Strong risk culture is, therefore, less about what exists

on paper, and more about how people behave under

pressure and uncertainty. Mr Khanna believes firms

that avoid this cycle typically demonstrate:

• Early investigation of weak signals and emerging risks

• Clear first-line ownership of risks and controls

• Environments where challenge and escalation are

encouraged and rewarded

• Management information designed for decisions,

not reporting volume risk appetite, embedded into

strategic and operational decisions

• Learning from incidents that drives systemic change,

not just action closure

He concludes: “Weak risk culture rarely remains

contained. Over time, it can drive poor decisionmaking,

excessive risk-taking, reduced resilience, and

loss of stakeholder confidence. Strong risk culture, by

contrast, supports sustainable performance, improves

decision-making under uncertainty, and strengthens

long-term organisational resilience.”

Beyond compliance

Time and again, industry experts insist on the need for

a consistent approach, where an entire operation takes

the challenge posed by the modern fraudster seriously.

Aleksandra Bojarzyn, Senior Manager – Financial

crime technology at KPMG UK emphasises the need for

robust, proportionate model risk management (MRM)

over financial crime risk models. She says that, across

the industry, she is seeing a clear shift as banks and

financial institutions strengthen their governance and

validation efforts. However, turning that intent into

consistent, day-to-day practice remains a challenge for

many organisations.

She focuses on four areas for improvement:

• Integrate financial crime models into your MRM

framework – this means categorising them in your

model inventory, defining adequate documentation

standards, assigning model owners, and defining clear

intended uses.

• Define a distinct financial crime model family to

support validation – identify and map relevant models

and apply a tailored validation approach across the

group, tailored to the specific nature of these models.

• Tailor governance – avoid governance processes that

slow down innovation without adding meaningful

value or risk coverage, and apply a streamlined,

proportionate approach.

• Enhance transparency – advanced analytical detection

or alert treatment models must be explainable to

regulators, MLROs, investigators and relevant risk

teams. Clear articulation of model features, risk

drivers, behavioural indicators, and alert logic is key.

Split motivations

The industry needs to face what can seem to be

contradictory drivers. On the one hand, they face

mounting pressure to deliver frictionless digital

experiences, whilst on the other, they need to deliver

strengthened security. Consumers want speed,

immediacy and seamless journeys, yet they also expect

absolute protection. Delivering on both has become

one of the most complex challenges in modern financial

services.

However, Thara Brooks, Market Specialist – Fraud,

financial crime and compliance at FIS, insists: “This

tension is based on a false premise. Consumers shouldn’t

have to choose between convenience and protection.


CREDIT MANAGEMENT

AI is starting to

reshape the fraud

landscape. From

hyper-realistic

deepfakes to

phishing emails

generated in seconds

and tailored precisely

to a company’s

structure and tone.

The goal must be security that feels seamless – where

intelligent friction only appears at genuine points of

risk, and where prevention happens earlier in the digital

journey, not only at the moment of payment.”

Ground-breaking scheme

But, amidst all the warnings, it is important to say

that the industry is reacting with determination and

significant investment.

In December, for example, Lloyds Banking Group

announced that it had extended its fraud prevention

scheme, which was originally launched in 2021. This

scheme has seen £15m of frozen criminal funds seized,

then invested in UK fraud prevention and victim

support projects.Lloyds uses the money for strategic

initiatives, working with the City of London Police and

other organisations. For example, funding given to the

Dedicated Card and Payment Crime Unit has secured

113 arrests and led to the seizure of a further £3m in

criminal assets, directly disrupting cyber criminals,

drug trafficking and people trafficking.

Liz Ziegler, Fraud Prevention Director of Lloyds

Banking Group says: “Fraud is everywhere – the only

option is to tackle it head-on and the public and private

sectors need to work together to do so. Real change

comes from collective intelligence – it’s the only way

to truly disrupt the extended criminal networks that

perpetuate fraud and fund crime across the globe.”

Collaborate or fail

Ultimately, stopping fraud cannot rely on any single

institution or industry sector.Lenders, collections

agencies, reference agencies, and the entire industry

must move beyond fragmented fixes and commit to realtime

intelligence sharing, joint technology investment

and shared accountability.

Thara Brooks puts it clearly: “A safer digital economy

isn't built by choosing between seamless journeys and

strong controls – it’s built by embedding smart security

into those journeys from the start. When done well,

security becomes invisible, proactive and confidenceenhancing

rather than restrictive.The UK has both the

regulatory momentum and technological capability to

redefine how a modern economy tackles fraud.”

In the end, the institutions that lead on collaboration

will lead on trust. The question now is one of execution.

Author: Steve Kiely is a freelance business writer.


SKILLS

BEYOND

ACTIVITY

What a live ‘Situation Room’ revealed about

activity, risk and cash performance.

BY LUKE SCULTHORP FCICM

IN February, at PwC in London, My DSO

Manager and Callisto Grand brought together

senior credit professionals for a practical

peer workshop shaped around a familiar

but increasingly important question: why

cash performance can weaken even when

teams are active, systems are in place and

reporting appears broadly sound. The working context

was a hypothetical but highly recognisable business, Helix

Group plc – a £450m, UK-headquartered, multi-entity

organisation with a tier-one ERP, decentralised collections

execution, plateauing DSO, rising disputes and weakening

forecast confidence.

What gave the session weight was its structure. This was

not a discussion in the abstract. Participants were given

scenario-led worksheets and customer-level data to test

how they would interpret pressure in the ledger when

the business still looked busy and broadly functional on

the surface. The exercise design was deliberately practical:

enough detail to force judgement, enough ambiguity to

provoke debate.

The KPI comfort zone

The first worksheet, The KPI comfort zone, posed a

deceptively simple management question: which KPIs

genuinely help teams intervene sooner, and which mainly

provide reassurance that activity is taking place. Delegates

were asked to examine the measures they rely on today,

the behaviours those measures encourage, and ones may

offer comfort without real clarity.

That question goes to the heart of modern credit

leadership. Many organisations have dashboards, routine

reporting and visible workflows. The harder question is

whether those measures reveal where control is softening,

or merely confirm that people are busy. That distinction

mattered throughout the workshop, because it framed the

wider issue: visibility is not the same as diagnosis.

Activity vs cash impact

The second worksheet, activity vs cash impact, moved

directly into collections execution. Its central question

was blunt: if the team is busy, why is cash still behind plan?

Delegates were asked where collections effort is genuinely

spent, which activities feel urgent but contribute little

to cash, and where high-value or high-risk work is being

addressed too late.

The broader commentary behind that scenario was clear.

Collections activity can be high while commercial impact

remains uneven. It highlighted a pattern many teams will

recognise: too much effort going into invoices that will pay

anyway, too little attention on high-value, time-sensitive

and behaviourally sensitive accounts, and too much time

lost assembling context before action can even begin.

Disputed elements sat inside that collections challenge

as well. Part of the discipline was recognising where a

balance still required customer pressure, and where it had

already become a different kind of problem – one held

back by query, ownership or internal delay. That is a far

more exact view of collections productivity than simply

asking whether the team has been active. Arvind Kumar

FCICM(Grad) reflected that practical quality well,

describing the session in terms of “the real decisions we

face daily” and how “early action directly impacts cash and

risk outcomes.”

The dispute blind spot

The third worksheet, the dispute blind spot, sharpened the

focus further by asking how disputes block cash today and

what prevents that from being visible or owned. Delegates

were asked which dispute types most often delay payment,

which disputes should stop chasing and trigger internal

action, and what proportion of overdue debt may not in

fact be collectible today.

That scenario captured a commercially important reality.

Disputes rarely begin as dramatic failures. More often, they

build through pricing issues, delivery questions, invoice

errors, service complaints or unclear ownership between

teams. The result is familiar: overdue debt remains visible

in the ledger, but part of it is no longer truly collectible

in the near term. This issue is straightforward: disputed

items are often poorly qualified, forgotten, or missing a

clear resolver, with the collector only discovering the issue

after the chase has already happened.


CREDIT MANAGEMENT

This mattered because the exercise forced participants to

read risk the way it appears in practice: not in one column,

but between the signals. The workshop glossary made the

logic explicit. A large receivable does not automatically

mean high risk. Disputes are not risk by default. Low credit

availability changes urgency. Risk becomes meaningful

when behaviour, exposure, overdue and disputed elements

begin to converge.

Viviana Pineda’s feedback reflected that shift, highlighting

the value of “earlier, intelligence-led credit decisions using

risk signals, behavioural indicators and dispute patterns

to protect cash before it’s at risk.”

A workshop built for judgement

What the session really tested was not technical accuracy,

but judgement. Participants were asked to move beyond

instinct, explain why one signal mattered more than

another, and decide where intervention should happen

while there was still room to act. The facilitator guide

put it succinctly: this was about stronger reasoning, not

perfect answers.

That explains why the feedback landed as it did. Kasia Jursa

ACICM described the session as “engaging and insightful”

and valued the opportunity to “exchange perspectives and

learn from the other credit professionals.” In this setting,

peer exchange mattered because it sharpened professional

judgement rather than simply confirming common

frustrations.

The implication for practitioners is hard-edged and

practical. Better dispute handling starts with earlier

qualification, clearer ownership, stronger visibility

of ageing, and a more disciplined separation between

balances that need pressure and balances that need

resolution.

Creating a risk profile from combined signals

Alongside the scenario pack, participants were also given a

separate credit-risk exercise titled Creating a Risk Profile

from Combined Signals. Here, the question was not simply

who owed the most money. It was which customers were

genuinely risky now, and why. Delegates were provided

with customer-level fields including receivable, overdue,

DBT, credit available, disputed value and dispute rate, and

asked to rank customers, identify dominant signals, and

define trigger-based action.

What participants are likely to take back

The strongest workshops change what people do next.

This one appears to have done exactly that. Participants

will now question whether current dashboards expose

weakening control or simply describe workload.

Many will look harder at how collector time is allocated,

and whether disputed or blocked items are distorting the

queue. Others will refine the point at which a balance

should move from collections pressure to internal

resolution, or tighten the way their teams interpret

behavioural risk before deterioration becomes obvious.

Hosted by PwC and delivered by My DSO Manager with

Callisto Grand, the London Situation Room offered a

clear reminder that receivables performance improves

when teams are more exact about what they are seeing,

what is genuinely blocking cash, and what action should

follow next.

Author: Luke Sculthorp FCICM, Commercial Director UK&I,

My DSO Manager.

Others will refine the point at which a balance should

move from collections pressure to internal resolution,

or tighten the way their teams interpret behavioural

risk before deterioration becomes obvious.


DATA PROTECTION

THE

DATA

RESET

After years in the making, the Data (Use

and Access) Act is finally law – here’s

what to expect.

BY LOUISA CHAMBERS


CREDIT MANAGEMENT

THE Data (Use and Access) Act (DUAA)

was a long time in the making: it finally

received Royal Assent on 19 June 2025

after weeks of “ping-pong’’ between

the two Houses of Parliament over

transparency measures in relation to

AI and copyright – measures that were

ultimately dropped.

The DUAA includes a package of data protection and

e-privacy reforms, introduces frameworks for smart data

and digital verification schemes and puts the National

Underground Asset Register on a statutory footing. Now it

is finally here, what happens next?

Key takeaways

There are a number of key takeaways for businesses in

relation to the DUAA’s data protection reforms in terms

of timing. Most measures require secondary legislation

to take effect, and there will be a modest impact for most

businesses from a data protection perspective. Furthermore

the DUAA is unlikely to jeopardise the UK’s adequacy, and

the Information Commissioner’s Office (ICO) has issued

guidance on the DUAA. All of this is to say that there is

plenty more to come.

The Government will phase implementation of the new

law, most of which will need to be brought into effect by

secondary legislation. The clarification regarding reasonable

and proportionate searches in relation to subject access

requests is one of only a handful of provisions to apply from

Royal Assent (and it has retrospective effect from 1 January

2024).

In August 2025, some (but not all) of the ICO’s new powers,

including the right to call for documents, came into force.

It is likely that the data protection and e-privacy reforms,

and the other new/updated ICO powers, will be brought

in within the next six months, but the rest of the DUAA is

likely to take longer (up to 12 months) to get off the ground.

There's only a modest impact for most businesses from a

data protection perspective. As a result, businesses do not

need to make significant changes to their data protection

compliance regimes to comply with the DUAA. If they must

also comply with EU GDPR, there is even less scope for

change, as they will be unable to benefit from the DUAA’s

limited relaxations in relation to their EU operations.

Automated decision making

The most far-reaching change to privacy rules to be

introduced by the DUAA is the relaxation of automated

decision making (ADM) requirements, where a ‘significant

decision’ with legal or similar effects is made without

meaningful human involvement. Unless special category

data is involved, in which case ADM is prohibited unless a

narrow set of exceptions apply, the DUAA liberalises ADM

to enable controllers to rely on other lawful bases, such as



DATA PROTECTION

Businesses should be reviewing their

complaints processes, policies, templates

and staff training to adapt them to the new

changes, while monitoring for fresh ICO

(or IC!) guidance.

legitimate interests. Meanwhile, the DUAA bolsters

data subject rights around ADM, for example, for data

subjects to make representations, contest the decision

and require human intervention.

Once these changes are brought in, it should make it

easier for businesses to expand their use of AI in areas

such as recruitment. Nonetheless, as AI in recruitment

is a key area of focus for the ICO, it will be important to

keep on top of new guidance in this area before making

significant operational changes. The ICO has said that it

plans to issue guidance on ADM in Spring 2026.

Data subject rights

While businesses may have hoped for measures to stem

the tide of subject access requests (SARs), they will see

few changes in practice to SARs because the DUAA has

largely codified existing ICO guidance in this regard.

In particular, there is a new right for data subjects to

complain to the data controller. Controllers will need

processes to respond to complaints (such as providing a

complaint form which can be completed electronically

and by other means) and acknowledge complaints

within 30 days and respond to them “without undue

delay.’’ They will need to amend privacy policies to

reflect the complaints process.

The DUAA has put on a statutory footing current

ICO guidance, clarifying that searches in response to

subject access requests are limited to ‘‘reasonable and

proportionate’’ searches and, in relation to subject

access response times, allowing for ‘stop the clock’

where further information is required. SAR handling

policies, template letters and staff training should be

amended accordingly, if they do not already provide

for this.

Cookies

The DUAA removes the consent requirement

for specified non-intrusive cookies (and similar

technologies) including an expanded list of “strictly

necessary’’ cookies (including for security, fraud

prevention, fault detection and authentication) and

those used for statistical analysis and improving website

functionality.

But in the latter case, the user must still be informed

about these cookies and be given the right to opt out

of them. Moreover, businesses which use cookies for

advertising and marketing still need to obtain consent.

This means that, for most businesses, cookie banners

will stay, but there may be more flexibility to rationalise

consent boxes. Cookie policies will also need to be

updated.

However, the price of getting direct marketing and

cookie compliance wrong will be higher as a result

of the DUAA. Maximum fines under the Privacy and

Electronic Communications Regulations 2003 (PECR),

which was £500,000, and other ICO enforcement

powers for breaches of the cookie and direct marketing

rules, were aligned with the UK GDPR's much larger

fines (up to £17.5m or 4% of global turnover). It is worth

noting here that e-privacy compliance is already a key

area of enforcement by the ICO and will continue to

be so.

Legitimate interests

Most businesses will not benefit from the list of

"recognised" legitimate interests which cover public

interest purposes, such as national security and defence,

responding to emergencies and safeguarding vulnerable

people.

However, there is a list of other types of processing in

the DUAA which ‘may’ count as a legitimate interest –

direct marketing purposes, sharing data intra-group for

internal administrative purposes, and ensuring security

of network and information systems. Many businesses

will already be using the legitimate interests basis for

these types of processing, and they must still carry

out a balancing test to rely on it, so these provisions

are unlikely significantly to change the position on the

ground.

Data transfers

A new ‘‘data protection test’’ in relation to international

data transfers applies to enable the Secretary of State to

make new adequacy regulations. It also applies where

businesses are carrying out transfer risk assessments in

respect of the adequacy of safeguards such as standard

contractual clauses.


CREDIT MANAGEMENT

IMPACT ON FINANCIAL SERVICES

The new test arguably offers more flexibility to take a

risk-based approach (provided transfers are subject to the

UK GDPR only) than the GDPR ‘‘essential equivalence’’

test: it enables the exporter to consider ’“reasonably and

proportionately’’ whether the standard of protection in the

recipient territory is not ‘‘materially lower’’ than in the UK.

Reforming the ICO

We are all going to need to remember (when the restructuring

of the Information Commissioner’s Office occurs, sometime

in 2026) to refer to the Information Commission rather

than to the ICO and update documentation accordingly.

At the end of June 2025, the ICO announced that Paul

Arnold was to be appointed as the first CEO of the

future Information Commission. Other changes to the

Information Commission should be relatively invisible to

businesses unless they face enforcement action. In these

unfortunate circumstances, a business may find itself on

the wrong end of the Information Commission's increased

information gathering and investigatory powers which

could ramp up the pressure, particularly in the context of

a data breach.

The DUAA is unlikely to jeopardise the UK’s adequacy.

There is now greater legislative certainty for the EU to make

its adequacy assessments in respect of the UK, which have

enabled the free flow of personal data from EU Member

States to the UK following Brexit (the review deadline was

postponed from June until 27 December 2025). While there

has been a seven-page open letter from privacy activists –

under the group banner of European Digital Rights, urging

the European Commission to withdraw the UK’s adequacy,

the DUAA itself is unlikely to be seen as jeopardising

adequacy. The Commission will not look exclusively at the

DUAA in making its assessment.

The ICO has issued both high level and more detailed

guidance on the DUAA reforms. We can expect greater

guidance on, for example, complaints, data transfers,

recognised legitimate interests and cookies (all scheduled

for Winter 2025/26) and automated decision making

(Spring 2026).

What now?

While there are specific considerations for certain types

of business, such as those providing online services to

children or carrying out scientific research, most businesses

will be relieved to hear that readying themselves for the

onset of data protection and e-privacy reforms under the

DUAA should not be a particularly onerous task – a far

cry, thankfully, from the scramble to comply with GDPR

in 2018. Businesses should be reviewing their complaints

processes, policies, templates and staff training to adapt

them to the new changes, while monitoring for fresh ICO

(or IC!) guidance.

Author: Louisa Chambers is Head of the Technology &

Commercial Transactions Department at Travers Smith.

For firms in the financial sector, the DUAA is very

important, especially considering the Smart Data provisions

and changes around fraud prevention and automated

processes. Firms will need to think how this affects them.

Notably, the DUAA also implements legal framework that

is more open and transparent which will allow financial

services firms to carry out purely automated decisionmaking

– AI-based assessments on an applicant being an

example – through the creation of a wider set of lawful

bases. Naturally, all the usual legal safeguards will need

to be in place, and the assessment cannot involve special

category data.

Firms will be able to benefit from the new list of recognised

legitimate interests of fraud prevention and crime reporting

are recognised as specific purposes. As a result, firms will be

able to use such data for these defined purposes without

having to formally run a Legitimate Interest Balancing

Test; as these activities will be automatically considered

legitimate by default, this will undoubtedly save time.

Given the new landscape, firms should see how they can

use the recognised legitimate interests for data processing

when it comes to areas of their business such as fraud

prevention or customer due diligence. Similarly, they ought

to look to prepare for the rollout of Smart Data and digital

verification schemes and what they need to do to improve

their operations. At the same time, it’ll be a useful exercise

to look at the reforms to automated decision-making and

examine whether they will enhance eligibility checks or

improve automation processes.

Smart Data, in more detail, refers to the framework that

allows individuals and businesses to securely share their

data with authorised third parties, with their consent, in

order to get better services, switch providers more easily,

make more informed decisions, and create competition and

innovation in digital markets. This concept is especially

relevant in the UK, where the government has been pushing

forward Smart Data schemes as part of its digital economy

and consumer empowerment agenda.

The Data (Use and Access) Act 2025 gives the Government

powers to mandate Smart Data schemes in specific sectors,

set rules for data access, consent and interoperability, and

protect against misuse and ensure transparency.

In practical terms, Open Banking was the first and is the

most mature Smart Data scheme in the UK. Banks are

required to share customer account data (with consent)

with third-party providers via secure APIs. This has enabled

services such as budgeting apps, account aggregation, and

better credit assessments.

However, it can be applied to other sectors including energy

(to let users share smart meter data to compare tariffs and

switch providers), telecoms (to allow easier comparisons

and personalised deals), insurance and pensions (help

individuals understand and optimise their coverage),

and retail and subscriptions (to help manage recurring

payments and contracts.)


LATE PAYMENTS

FALLING

BEHIND

With persisting late payments,

UK firms are slow to grasp AI potential.

BY HEATHER GREIG-SMITH

A

lacklustre economic performance

in 2025, the slowdown of the

services sector and a weakening

in employment left the UK in

a sluggish position at the start

of the year, even before the

war in Iran threatened further

economic shocks. In this weaker environment, many

UK businesses appear cautious about adopting new

technologies in their payments processes.

Prioritising growth

Intrum’s latest annual European Payment Report

surveyed 8,383 businesses across 20 countries, including

500 in the UK. The good news is that over a third of

UK businesses (36%) exceeded their revenue forecasts

in 2025, while 37% beat profit forecasts. After multiple

crises – from the COVID-19 pandemic to the war in

Ukraine, and trade disputes with the US – two-thirds

(64%) describe growth as a top priority for 2026, the

highest figure recorded in the survey over the past five

years.

Despite this, late payment issues continue to dog

businesses of all sizes, with customers taking too long to

settle bills and the level of revenues received late verging

on the unsustainable. Almost six in 10 executives (57%)

say they are more concerned than ever before about

customers’ ability to pay their bills on time.

“Even top-performing businesses are worried,” says

Intrum’s UK Managing Director Gavin Flynn. “Among

those whose revenues exceeded expectations last year,

59% are more concerned than ever about late payments –

almost the same as the 61% among businesses with poor

revenue performance. This is a universal problem.”

In the UK, the average business gives consumers 23 days

to pay an invoice in full, but only receives payment after

34 days. Corporate customers are typically given 43 days

to pay but only do so after 62 days, while public sector

clients average settlement terms of 52 days but take 70

days to pay.

This payment gap creates a vicious cycle as companies

struggle to secure payments from their customers

inevitably end up paying other businesses late. Two

thirds (64% ) of UK businesses agree that one impact of

late payments has been an increased failure to pay their

own suppliers within agreed deadlines.

Financial pressure bites

When it comes to consumers, headline inflation may

be easing, but they continue to feel the cost of living

pressure and this disproportionately affects some groups.

In Intrum’s 2025 European Consumer Payment Report

(ECPR), 72% of UK consumers said they paid all their

bills on time.

However, those in the significant minority, who

didn’t pay all of their bills on time, are struggling

more than ever, with 43% saying it was because they

didn’t have the money to pay. Of those who missed a

payment in the previous 12 months, 68% said this was

becoming a regular occurrence, up significantly from

44% in 2024.

“When the proportion of delayed revenue

surpasses sustainable levels, it erodes

liquidity and constrains businesses’ ability

to invest, hire and grow.”


CREDIT MANAGEMENT

The time spent chasing late payments is a significant

drain on business resources, taking companies away

from growth and performance-focused initiatives. On

average, UK businesses that achieved higher revenues

than expected last year spent 7.79 hours a week chasing

money they were owed but, among those that undershot

forecasts, this rose to 9.39 hours.

More than half of businesses say they have missed

growth targets, experienced lower team morale and

faced recruitment difficulties as a result of customers

paying invoices late or not at all. “Late payments also

cause wider operational stress, leading to problems

such as strained client relationships, conflict between

departments and reluctance to take business risks,” says

Flynn.

Payments tipping point

Many businesses are operating close to their financial

limits. According to Intrum’s survey, the maximum

proportion of UK businesses’ total revenues that could

be received late without impacting their ability to

operate is 13.16%, but this threshold is perilously close to

becoming reality: on average, UK respondents say 13.01%

of their total revenues are paid late by customers, higher

than an average of 12.13% across Europe.

“The data suggests that late payments are moving

beyond a tolerable friction and into systemic strain.

When the proportion of delayed revenue surpasses

sustainable levels, it erodes liquidity and constrains

businesses’ ability to invest, hire and grow,” says Intrum’s

Senior Economist Anna Zabrodzka-Averianov.

As delays become more disruptive, there is relatively

little sympathy for late payers: 64% of UK firms believe

that when another organisation pays them late, it is due

to poor management practices rather than a cashflow

issue. At the same time, many businesses say they are

trying to improve their own payment discipline. Almost

six in 10 (59%) report taking steps to get better.

There is a clear need for further investment to ensure

smoother payment processes. Already, 72% of businesses

say they are spending money on improving their payments

interfaces, while 73% are focused on accommodating the

full range of customers’ preferred payments options.

Meanwhile, six in ten (58%) are now introducing AI

tools to manage and automate payment reminders. This

could help to break down the barrier to growth that late

payments have become.

AI can transform payments

AI is no longer a theoretical opportunity to improve

payments management. Such tools offer significant

benefits at every stage of the payments cycle. Systems can

generate invoices instantly, resolve account queries and



FINANCE

“Late payments also cause wider operational

stress, leading to problems such as strained client

relationships, conflict between departments and

reluctance to take business risks.”

settle disputes. Predictive tools can identify invoices that

are likely to become overdue, helping businesses to act

early and reduce the risk of payment delays. Automation

solutions can generate personalised reminders to nudge

customers that are approaching settlement deadlines or

are already late to pay. And behavioural analysis software

can distinguish between slow but reliable payers and

higher-risk customers, allowing businesses to adopt

tailored strategies for each.

These use cases, and others, have huge potential. Intrum’s

research suggests that businesses across Europe currently

spend about €386bn a year on staff time dedicated to

chasing payments. Based on reported time savings from

respondents using AI tools in their payment functions,

this figure would be €106bn higher if they had not used

the technology. So, at current levels of adoption, AI is

offsetting about a fifth of labour costs.

“Early adopters of AI in the payments function also

report advantages beyond cost savings, with late payment

reduction, efficiency and better customer engagement

all benefits of this approach,” says Flynn.

AI adoption remains uneven

Although 61% of UK businesses are now using AI,

compared with 58% in 2025, the extent of adoption

remains patchy and the UK lags behind Europe, where,

on average, 66% have deployed these tools. One reason

for the delay could be a lack of knowledge and experience

to use AI tools effectively. In 2024 and 2025, 55% and 53%

respectively reported that they did not have enough

in-house skills to get real value out of AI; this year, the

figure is essentially unchanged at 55%. This challenge

may be causing AI fatigue or complacency: only 48%

of UK businesses say that if they do not implement AI

tools in the back office they will fall behind competitors

that do, unchanged from last year’s research. However,

in Intrum’s ECPR research, 52% of UK consumers said

they would be more likely to be open and honest about

their financial situation when talking to an AI tool than

to a real person. If customers feel more comfortable

disclosing financial difficulties with AI, firms could use

this to initiate earlier, more transparent conversations

about payment challenges.

Businesses need to treat AI capability in payments

management as a priority, says Flynn: “Investment in

targeted targeted training for payments teams will ensure

employees understand how to interpret and act on AIdriven

insights. By focusing on targeted deployment in

places with proven impact, businesses can lower costs,

reduce late payments and free up capacity for growthfocused

activities.”

The challenge for businesses is to move forward with

AI in a responsible and compliant way, particularly as

regulators and consumers focus more on the technology.

If they don’t they risk being left behind.

A new payments era

While AI transforms internal operations, digitalisation

is also reshaping the wider payments ecosystem. Later

this year, the Bank of England and HM Treasury are

expected to reveal the next steps in plans to issue the

digital pound – an electronic payment to be used online

and in person. The British Government has also decided

to mandate e-invoicing by 2029 to standardise billing,

improve VAT compliance and streamline payments.

Digital transformation presents challenges alongside

opportunities, but businesses that can plot a path through

these difficulties will be in a much stronger position

than their rivals. If new technologies and currencies can

help companies to deal with late payments – and foster

greater trust with customers – it will give them the time,

energy and financial resources to pursue the growth they

are now prioritising.

For the full report visit: https://www.intrum.co.uk/

business-solutions/reports-insights/

Author: Heather Greig-Smith

is a freelance business writer.


No borders, no limits - just opportunity

A globally trusted, GDPR compliant exchange

platform, across 168 offices in 145 countries,

TCM Guarantee Fund

www.tcmgroup.com


Introducing our

CORPORATE PARTNERS

Hays Credit Management is a national specialist

division dedicated exclusively to the recruitment of

credit management and receivables professionals,

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

the CICM’s only Premium Corporate Partner, we

are best placed to help all clients’ and candidates’

recruitment needs as well providing guidance on

CV writing, career advice, salary bench-marking,

marketing of vacancies, advertising and campaign

led recruitment, competency-based interviewing,

career and recruitment trends.

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

Shakespeare Martineau provides expert debt and

asset recovery services across various sectors,

including energy, manufacturing and Government.

Our team supports regulated and unregulated

debt, acting as an extension of internal collections

when needed. We prioritise keeping client costs

low while empathetically engaging with debtors.

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

collections, transparent fee plans, bespoke service,

flexible case management, and additional support

like training, advice, litigation and mediation.

T: 01789 416440

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

W: www.shma.co.uk

Esker’s Accounts Receivable (AR) solution removes

the all-too-common obstacles preventing today’s

businesses from collecting receivables in a

timely manner. From credit management to cash

allocation, Esker automates each step of the orderto-cash

cycle. Esker’s automated AR system helps

companies modernise without replacing their

core billing and collections processes. By simply

automating what should be automated, customers

get the post-sale experience they deserve and your

team gets the tools they need.

T: +44 (0)1332 548176

E: sam.townsend@esker.co.uk

W: www.esker.co.uk

The UK’s No1 Insolvency Score, available as a

platform to help businesses manage risk and

achieve growth. The only independently owned

UK credit referencing agency for businesses. We

have modernised the way companies consume

data, to power businesses decisions with the most

important data taken in real-time feeds, ensuring

our customers are always the first to know. Enabling

them to deliver best in class sales, credit risk

management and compliance.

T: +44 (0)330 460 9877

E: sales@redflagalert.com

W: www.redflagalert.com

Our Creditor Services team can advise on the best

way for you to protect your position when one of

your debtors enters, or is approaching, insolvency

proceedings. Our services include assisting with

retention of title claims, providing representation at

creditor meetings, forensic investigations, raising

finance, financial restructuring and removing the

administrative burden – this includes completing

and lodging claim forms, monitoring dividend

prospects and analysing all Insolvency Reports and

correspondence.

T: +44 (0)2073 875 868

E: creditorservices@menzies.co.uk

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

Dun & Bradstreet is a leading provider of

comprehensive global business data and

analytics. We help clients make smarter decisions

and drive resilience by bringing together millions

of data sources into a globally consistent view,

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

T: +44 (0)808 239 7001

E: hello@dnb.com

W: www.dnb.co.uk

Genius provides solutions designed to enhance your

customer engagement with compliance in full focus;

our team have decades of operational experience in

the Debt & BPO space.

As a global outreach partner our technology

drives compliance and operational

efficiency to help your business thrive.

• Streamline Collections, Payments & Asset

Recovery, whether this be in-house or within a BPO

setting with our Adept platform.

• Enhance customer engagement with our cloudbased

omnichannel platform, Commpli.

T: +44 (0) 141 280 0275

E: sales@geniusssl.com

W: www.geniusssl.com

Transform your Accounts Receivable with

Corcentric’s Managed AR Solution. Our

commitment? Dramatically reduce your Days Sales

Outstanding (DSO) to just 15 days. By combining

expert AR management with strategic funding

solutions, we enhance cash flow and streamline

operations, freeing up resources and reducing costs.

Discover a new standard in AR efficiency—because

better cashflow starts with smarter

AR management.

T: 020 317 71713

E: ahassan@corcentric.com

W: corcentric.com

Automate your cash collections and reduce risk

with our class leading Credit Control software.

Integrating with any ERP/AR system and optionally

Creditsafe, it provides a full viwew of your ledger

whilst automating your chasing strategies and

removing manual tasks. All backed up by our

support service which has that rare human touch,

continually strengthening our customer relationships.

With an impressive ROI and 96%+ customer

retention year-on-year, our solution consistently

delivers measurable value and benefits.

T: 01235 856400

E: info@credica.co.uk

W: www.credica.co.uk


Each of our Corporate Partners is carefully selected for

their commitment to the profession, best practice in the

Credit Industry and the quality of services they provide.

We are delighted to showcase them here.

They're waiting to talk to you...

My DSO Manager is an intelligent SaaS AR

and credit management solution for SMEs to

international enterprises, helping AR analysts

manage risk, maximize cash collection and

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

insight to KPIs.

Due to its inventive in-house IT teams and their

tight collaboration with support staff, many of

whom were credit managers at large firms, it can

quickly integrate any ERP data and customize as

needed.

T: +33 (0)458003676

E: contact@mydsomanager.com

W: www.mydsomanager.com

Court Enforcement Services are the CICM Enforcement

Business of the Year. Recognised for our professional,

client-focused, and approachable service,

our expert team has enforced over 100,000 Writs,

recovering over £105m for clients and claimants

since the end of the pandemic. Our commitment to

excellence is reflected in our client satisfaction survey,

where 100% of respondents confirmed we meet

or exceed expectations as a High Court enforcement

supplier, with many highlighting our superior

collection performance over industry competitors.

T: 07759 122503

E: s.evans@courtenforcementservices.co.uk

W: www.courtenforcementservices.co.uk

Novuna Business Cash Flow provides fast, flexible

cashflow finance solutions to SMEs and larger

corporates across a wide range of sectors in the

UK. With remote digital on-boarding, a flexible

approach to contracts, and fast payout we won

Innovation in the SME Finance Sector at the

2024 Business Moneyfacts Awards. Combining

innovative cash flow solutions with industry

leading technology, we retain one of the highest

customer satisfaction scores in the market.

T: +44 808 258 5934

E: marketing@novunabusinesscashflow.co.uk

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

TCN is an industry leader in call centre technology

with offices around the world including, the United

Kingdom, the United States, Romania, Canada,

India and Australia. TCN has met the global

communication needs of its diverse customers.

Utilising best-practice solutions and 24/7 technical

support, TCN empowers clients to drive consumer

interactions through omni-channel, inbound and

outbound communications. TCN’s call centre

platform is entirely web-based and available

on-demand with unlimited capacity.

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

E: spencer.taylor@tcn.com

W: www.tcn.com

Top Service Ltd. The only credit information

and debt recovery service provider specifically

for the UK construction industry. Our payment

experiences are the most up to date credit

information available and enable construction

businesses to confidently assess credit risk and

make the best, most informed credit decisions.

Coupled with our range of effective debt recovery

solutions, quite simply our members stay one step

ahead and experience less debt and more cash.

T: +44 1527 503990

E: membership@top-service.co.uk

W: www.top-service.co.uk

TOP SERVICE

MINIMISE DEBT

MAXIMISE C ASH

Towerhall Solutions is a trusted partner for

financial services and housing associations,

specialising in ethical debtor collection, tracing and

asset recovery. We expertly manage tenant debtor

books, ensuring every interaction is compliant,

sensitive, and fair. Our focus is on constructive

engagement. We help organisations recover vital

funds while protecting vulnerable individuals and

maintaining your corporate reputation. We deliver

results through empathy, integrity, and strict

regulatory adherence.

T: +44 (0) 1342 718300

W: www.towerhallsolutions.com

Key IVR provide a suite of products to assist

companies across Europe with credit management.

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

payment when and how they choose. Key IVR also

provides a state-of-the-art outbound platform

delivering automated messages by voice and SMS.

In a credit management environment, these services

are used to cost-effectively contact debtors and

connect them back into a contact centre or

automated payment line.

STA International is a leading credit management

provider, offering debt recovery, outsourced credit

control, address tracing, and legal debt recovery

services. We maximise cash flow and minimise

risk with tailored strategies for businesses of

all sizes. Acting as an extension of your team,

we ensure efficient, amicable collections and

compliant solutions for complex cases. Trust STA

International to safeguard your financial health and

strengthen client relationships.

MIL Collections Ltd 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.

T: +44 (0) 1302 513 000

E: partners@keyivr.com

W: www.keyivr.com

T: +44 (0) 1622 600 921

W: www.stainternational.com

T: +44 (0) 7961 578 739

W: www. milai.co.uk


BRANCH NEWS

NAVIGATING

NEW WAVES OF

UNCERTAINTY

London Branch hosts webinar on the UK economy

and its impact on payment performance.

CICM LONDON BRANCH

THE recent CICM London webinar

with John Payne, Senior Economist

at Dun & Bradstreet, gave a timely

and thought-provoking look at the

UK economic outlook following the

Spring Statement.

A key theme was that the UK entered 2026 in a mixed

position. The economy has shown some steady growth, and

uncertainty has eased compared with last year. However,

unemployment remains elevated, business bankruptcies

have stayed high for three years, and productivity growth

continues to lag.

The impact of business stress on payment performance

was also highlighted. While average payment performance

improved slightly, some sectors, such as construction,

still face real strain, which reinforces the need for strong

collections discipline, robust credit controls, and close

monitoring of customer health.

Overall, it was an

insightful session and

a useful reminder that

credit professionals

have a vital role to play

in helping businesses

navigate uncertainty

with confidence.

Even though current global instability and the events in

the Middle East are likely to impact the UK economy,

encouragingly, it seems unlikely to be a repeat of 2022.

Overall, it was an insightful session and a useful reminder

that credit professionals have a vital role to play in helping

businesses navigate uncertainty with confidence.

To stay in the loop with CICM London, hear about future

webinars, events and updates, please feel free to connect

with me.

Author: Kabir Gulabkhan FCICM,

CICM London Branch Chair.


Voting is now open until

8th June 2026 for the

CICM ADVISORY

COUNCIL ELECTIONS!

The engaged and driven individuals within the CICM’s Advisory Council reflect the fantastically diverse

range of skills and experience amongst the Institute’s membership.

Now is YOUR chance to vote and elect those members who you feel will help continue to advance

the important work of the CICM, bring valuable expertise and knowledge to the table, and drive its

strategy forward.

PLEASE USE YOUR VOTE

Eligible members will have received their ballot information via email,

however if you have not, please contact Mi-Voice at support@mi-voice.com

or +44 (0)2380 763987, or email elections@cicm.com

Here when life happens –

CICM Financial

Support Fund

Helping our members through financial hardship

or distress – apply today, we are here to help.

Julia, facing short-term hardship during the

cost-of-living crisis, accessed the fund to keep

up with essential bills, we were there to help.

SCAN FOR

FURTHER

DETAILS...

Visit the Member Support page of the

CICM website, or email for more details

governance@cicm.com.


Austr


COUNTRY FOCUS

on Austria

The hills are alive

with the sound of

money

CREDIT MANAGEMENT

AUSTRIA – a country likely

associated by many with the Von

Trapps and the Sound of Music,

Alpine retreats and skiing, along

with Wolfgang Amadeus Mozart.

These associations are perfectly

reasonable but as with other country profiles, there’s a lot

more to Austria.

We have other classical music greats such as Strauss and

Schubert, as well as it being the home of the Vienna State

Opera and Salzburg Festival. There’s also the former

imperial Habsburg Dynasty, and art and intellectualism

via Freud and Klimt.

The Alps, by the way, covers two thirds of the country and

so makes Austria perfect for winter sports and Christmas

markets, as well as cuisine that includes Wiener Schnitzel,

Apfelstrudel and Sachertorte.

History

Once home to the Celtic kingdom of Noricum, the region

came under the influence of the Roman Empire around

15 BC. The Romans founded Vindobona, the forerunner

of Vienna. From 976, the Babenbergs ruled and the name

Ostarrichi first appeared in 996.

In 1282, the Habsburgs, from what is now Switzerland,

were given the Duchy of Austria. The Austrian line of the

Habsburgs gained possession of Bohemia and Hungary,

and after battling the Ottomans gained additional

territory. In the 18th century, Maria Theresa and her son

Joseph II established the basis for a modern state – and

imperial Vienna became a centre of music.

After Napoleon’s defeat, a new European order was

established at the Congress of Vienna (1814/15). In 1867,

Austria under Emperor Franz Joseph lost power over

the German Confederation to Prussia. The Austro-

Hungarian Dual Monarchy followed, and nationalism

became a growing problem.

The assassination of Archduke Franz Ferdinand, heir to

the Austrian throne, in 1914 sparked the outbreak of the

First World War. After the defeat of Austria-Hungary,

the Dual Monarchy disintegrated into nation-states with

Austria becoming a republic.

ia

However, the First Republic faced a difficult beginning

and democracy ended in 1933 when Federal Chancellor

Engelbert Dollfuss established a dictatorial state. Dollfuss

was subsequently assassinated in July 1934. In March

1938, German troops crossed the border; the Anschluss

of Austria into Greater Germany was ‘legalised’ by a

referendum a month later.

Post World War Two, Austria’s economic recovery was

given a boost with the US Marshall Plan. In May 1955,

Austria regained its full independence and sovereignty,

and in October 1955 the constitutional law of permanent

neutrality was adopted.


COUNTRY FOCUS

Statistik Austria, as cited by the Permanent Mission

of Austria to the United Nations in Vienna, details

that more than 60% of Austria is mountainous and is

situated in the Eastern Alps. However, there is also the

Bohemian Massif in Upper and Lower Austria, north

of the Danube.

Even though it’s landlocked, Austria possesses Lake

Constance that covers 538.5 km2 and the Danube that

flows through it – of the 2,848 km length, around 12%

(350 km) is in Austria.

Demographics

World Bank data details that the population stood at

7.04m in 1960, 7.59m in 1974, flatlined to 7.57m 1987,

rose to 8.01m in 2000 and 8.91m in 2020. Statistik

Austria gives the 2024 population as 9.18m. The body

reckons that the population will rise to a peak of 9.41m

by 2040 before declining to 9.25m in 2060 and 9.07m

in 2080.

Soon after, in December 1955 Austria became a

member of the United Nations and joined the

Council of Europe and the European Convention on

Human Rights in 1956. Membership of the European

Free Trade Association (EFTA) followed in 1960.

Austria entered into free trade agreements with the

European Community in 1972 and in January 1995

became a member of the European Union.

Geography

Austria lies in the middle of central Europe. It’s

landlocked, shaped like a chicken leg and thigh on its

side, and at around 600km by 280km is clearly wider

than it’s tall.

Its geographical position has put it at the crossroads

of trade routes between the major European economic

and cultural areas. Austria borders eight countries –

Germany, the Czech Republic to the north, Slovakia

and Hungary to the east, Slovenia and Italy to the

south, and Switzerland and Lichtenstein to the west.

Barring Switzerland and Lichtenstein, all are part of

the European Union.Overall, its borders measure 2,706

km.

As for area, Austria is small and ranked 113th in the

world with just 83,878 km2, just below Azerbaijan

(86,600 km2) and above the UAE (83,600 km2). In

comparison, the UK is ranked 78th with 244,376 km2.

PopulationPyramid uses UN World Population

Prospects Data Visualised to show a typical outline for

a developed country with a relatively narrow base to

age 19, a wider midriff that meanders a little to age 64,

where it quite quickly narrows to a tiny peak at age

100 (where there appear to be no males over 100 – just

1,930 females).

The most densely populated areas are the large plains,

such as the Alpine Foreland and the Vienna Basin, in

the eastern part of Austria along the Danube, and the

Graz Basin in southern Styria. Statistik Austria details

that at the start of 2025, the largest city was Vienna

(2.02m residents), followeed by Graz (305,314), Linz

(213,557), Salzburg (157,659) and Innsbruck (132,499).

Economy

Before the pandemic, Austria's GDP grew at around

1.5%. However, in 2020 it fell by 6.5% as tourism

collapsed. It recovered in 2021 and 2022, with growth

of 5% and 5.5% respectively. But financial tightening,

weak global demand and high inflationary pressures

saw a two-year recession. It didn’t help that exports to

Germany, Austria’s most important trading partner,

fell significantly. Some improvement came in 2025,

but overall, as Allianz Trade noted, “the economy is

expected to remain largely flat.”

It should be no surprise that in 2024, Austria saw

a 22% increase in insolvencies over the previous

year. Failures slowed in 2025 and are expected to

decline by 5% in 2026 and 9% in 2027.

In terms of GDP, it stood at $6.62bn in 1960, $81.74bn

in 1980, $196.18bn in 2000 (it had hit $240.09bn in

1995), $434.4bn in 2020 and was $534.79bn in 2024.


CREDIT MANAGEMENT

Statistik Austria says that there are around 152,600

farms and forestry businesses in Austria, mostly smallscale

structure. The share of family-run firms is high

with slightly more than half run as side-line businesses.

All told there were 304,974 employed in 2023 and had

a GDP contribution of $4.73bn in 2024 (World Bank).

The Association of Metaltechnology Industries noted

that in 2024, 7,000 were employed by 32 agricultural

technology firms that earned €3.2bn.

Banking and finance

In 2024, Austria had 458 banks with 27,520 employees

and a profit of €11.5bn. Interestingly, the data indicates

that each branch serves just under 2,900 customers

and Austrians – on average – save 11.7% of available

household income. (OeNB. Facts on Austria and its

banks, 07/2025).

There are a number of banks with huge balance sheets

in 2024 – Erste Group Bank AG (€353bn), Raiffeisen

Bank International (€199bn) and UniCredit Bank

Austria AG (€105bn) to name but a few.

As for inflation, a chart from the EU shows that the

average rate of inflation hovered, between 1996 to

2021, around 2% barring the odd blip. However,

post-COVID it shot up to 11.6% in December 2022

before dropping to 1.8% in October 2024. Since

then, it’s maintained a higher average of nearer 4%.

Unemployment in Austria appears high – and features

an interesting profile. Whereas the rate in the UK has

peaks and troughs that take five-year spans to play out,

In Austria, not only are the rates overall higher, but

the peaks and troughs rise annually, with the peaks

being around the turn of the calendar year.

As to why this happens, the answer lies in pronounced

seasonal downturns in key industries, primarily

construction, tourism, and agriculture; as weather

conditions worsen in late autumn and winter,

outdoor construction projects stop and seasonal

tourism jobs in certain regions end, causing a

sharp rise in unemployment.

Agriculture

This, to the Austrians, is defined as involving farming

and horticulture as well as animal production, seed and

animal feed production, the production of pesticides

and fertilisers and the production of agricultural

machines and vehicles.

Fashion

In Austria, there are more than 140 textile companies

with around 9,000 employees. Fashion products made

include underwear, sunglasses and airline uniforms

while technical textiles include protective, industrial

and medical applications.

The Association of Textile, Fashion, Shoe and Leather

Industry’s Facts and Figures 2023, indicates that textiles

employed 9,088 across 140 firms with a turnover of

€2.4bn. Clothing employed 7,300 in 127 firms that

turned over €1.08bn. And footwear employed 1,077 in

29 firms – no turnover was published.

Food and drink

According to Advantage Austria, bio/organic food

(organic wine, organic meat, organic dairy products,

organic drinks and organic dietary supplements) is big

in Austria with some 27.4% of cultivated land being

involved in 2023. There are 24,350 firms turning over

€2.68bn. Some 17.2% of crops grown are organic.

Many of the producers are small scale since more than

60% of the country is mountainous, which offers little

scope for intensive agricultural farming.

Elsewhere, Austria exports food and soft drinks to

180 countries. Products include cheeses, jams, cured

meat products, chocolate confectionery, fruit juices

and ice teas. This part of the sector employs 27,650

and earns €12.3bn annually. And as for alcohol, there

are 361 breweries making over 1,000 different beers

and 10.1m litres, and more than 9,000 small winegrowing

businesses exporting 64.2m litres of wine.


COUNTRY FOCUS

Taken together, Statistik Austria and the Association

of the Austrian Food and Beverage Industry says that

the sector turns over €22.2bn via 754 firms that employ

68,121.

Mechanical and steel engineering

Austrian firms make metal products for export that

include train tracks, seamless steel pipes, aluminium

rolled products and household products. They also

develop and export machinery for metal production

and processing. The Association of the Metal-Working

Technology Industry’s Facts & Figures 2025 says that

this sector employs nearly 135,000 in 1,200 companies

that collectively turnover €45.2bn.

Chemicals and plastics

This sector makes a diverse range of products from paints

to fertilisers, automotive and aircraft components and

plastic packaging. It employs nearly 51,000 people in

226 firms who earn revenues of €19.2bn (Annual Report

2024. Association of the Austrian Chemical Industry).

Of the products made, plastics make up 31.7% of the

sector, pharmaceuticals 23%, chemicals 12.8%, plastics

for manufacture 10.7% and man-made fibres 4.7%, Other

products include coatings, detergents and cosmetics,

rubber products and industrial gases.

Electrics and electronics industry

This is another huge sector for Austria that makes,

among things, lighting technology, energy, medical

and traffic engineering products as well as automotive

goods, it employs 72,641 and earns €23.4bn. It represents

10% of all of Austria’s exports.

The Association of the Austrian Electrical and

Electronics Industries Annual report 2024/2025,

reckoned that 12.6% of production was for motors,

generators and transformers, 13.6% for electricity

distribution and control apparatus, and 5.1% for

components and parts for the automobile industry.

Paper and packaging

Specialty papers, packaging, corrugated cardboard

and packaging machinery are all areas of interest for

Austrian firms with 85% of paper products exported.

7,400 work for 23 firms making paper products

(Austropapier Annual report 2024) while another

8,700 work for 87 firms (PROPAK Products of Paper

& Cardboard, Annual report 2023/2024). In total, the

value of production is €2.78bn.

In terms of packaging, the Association of the Austrian

Chemical Industry and Statistics Austria say that

there are 561 firms employing nearly 19,000 in plastics

packaging while 40 firms employ 5,500 in glass

packaging firms. There is no data on the value of the

plastics packaging, but glass is said to be worth €1.27bn.

Tourism

There are more than 95,000 firms serving the tourism

and leisure industry – all involved in food service, hotels,

leisure and sport, travel agencies, cinemas, cultural and

amusement facilities as well as health enterprises. The

Government reckons that directly and indirectly, the

sector is worth around €67bn a year – more than 14%

of GDP. This sector alone provides close on 678,000

jobs. It’s suffering under COVID was a key reason for a

serious decline in economic output.

Summary

Austria is more than Mozart, schnitzel and mountains.

Rather, it’s a vibrant economy, not too far from these

shores that has dealt with a number of economic issues

to become a serious regional economic player given its

population size. British exporters should give Austria

serious consideration.

Author: Adam Bernstein is a freelance finance writer for

Credit Magazine magazine.


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

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Regional Events

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magazine

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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

TIME FOR

A CHANGE

Enforcement reform welcomed after 12-year freeze on fees.

BY ALAN J. SMITH FCICM

THE High Court Enforcement

Officers Association (HCEOA)

has welcomed a long-awaited

increase in enforcement fees –

marking the first uplift in 12 years

– alongside a broader package of

reforms aimed at improving the

effectiveness and fairness of the enforcement process.

The changes signal what the HCEOA describes as a

necessary and overdue step forward for the sector.

For over a decade, enforcement fees have remained

static despite rising investment and operational costs,

placing sustained pressure on firms delivering frontline

enforcement services.

While the increase in fees is long overdue, the reality

is that a 5% increase after 12 years of frozen fees,

during which time cumulative inflation has been well

above 70%, will not cover the extra investment that

enforcement firms have made and continue to make in

people, training, technology and systems.

The fee increase is also accompanied by changes to the

thresholds at which enforcement agents can charge an

additional percentage of on top of the fees, meaning

that even if you ignore 12 years of cumulative inflation,

the value of the increase is nearer 2-3%.

Government has stated that it will review the fees again

in three years’ time. Alongside our members, will be

watching closely to ensure that this commitment holds

more value than the guidance note from 2014, which

stated that fees should be reviewed annually.

Beyond the fee increase and changes to thresholds,

the reforms also introduce a number of procedural

improvements that are expected to benefit both

creditors and debtors. Among these is the introduction

of a14 day Notice of Enforcement period which can

be extended for individuals to 28-days, where a debt

advisor applies on behalf of the debtor before the expiry

of the Notice of Enforcement., This provides greater

flexibility for individuals within the enforcement

timeline and allowing more opportunity for resolution

before further action is taken.

The reforms also place emphasis on improving the

overall service of enforcement. The HCEOA has

welcomed this focus, noting that modern, consistent

and transparent practices are essential to maintaining

public confidence in the system. As part of this, the

Association has been working on a new best practice

document to support members operating under the

updated framework.

Additionally, the Government has announced an

intention to modernise the benefits available to

debtors. While further details are awaited, this is seen

as an important step in ensuring that enforcement

remains fair and responsive, particularly for vulnerable

individuals.

At the heart of the regulatory changes is a clear

distinction based on the date of issuing a writ. All

cases started before 1 May 2026 will continue under the

existing fee regime – even if they move to a new fee

stage after 1 May, and any cases issued on or after 1

May 2026 will be subject to the new rules. This clear

dividing line is critical to avoiding legal uncertainty

and operational disruption across the sector.

Without such clarity, firms would face significant

challenges in managing cases across two regimes.

Establishing a firm boundary will ensures consistency,

certainty and a smoother transition to the new

framework.

As the new regulations come into force, the HCEOA’s

position is one of cautious optimism. After years

without change, the combination of updated fees,

procedural improvements, and a commitment to

ongoing reform represents a meaningful shift – one

that supports a move to an effective, balanced and

sustainable enforcement system.

Author: Alan J. Smith is Chair of the

High Court Enforcement Officers Association.


CREDIT MANAGEMENT

*

Without such clarity,

firms would face

significant challenges in

managing cases across

two regimes. Establishing

a firm boundary ensures

consistency, certainty and

a smoother transition to

the new framework.


*

POWER YOUR

CAREER IN

CREDIT AND

COLLECTIONS

CICM Qualifications

Advance your career with

the professional standard

in Credit Management.

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.


Virtual Workshops

2026

your yearly planner

Unlock the value of LinkedIn

Tue 14 Jul

CAREERS

BEYOND THE

NEXT STEP UP

Career growth isn’t always a promotion.

BY NATASCHA WHITEHEAD FCICM

FOR many people, career growth

instinctively brings one idea to mind:

promotion. A step up, a new title,

more responsibility and, ideally,

better pay. But the changing world of

work is reshaping this definition. As

organisations evolve, team structures

become more fluid and development opportunities

expand in new directions, growth is increasingly being

understood as something broader and more personal.

Today, many professionals are experiencing progress

even when it doesn’t appear in the form of a new title.

Subtle shifts in responsibility, recognition for strong

performance and steady development opportunities

all point to a workplace landscape where career

advancement is happening in many shapes, not just

vertical ones. The momentum is there; it’s simply taking

different forms.

Skill building

One of the clearest shifts in how people think

about advancement is the rising importance of skill

development. When weighing up what matters most

in a role, professionals increasingly look beyond pay

alone. They focus on the chance to learn, to grow, to

gain exposure to new areas and to improve in ways that

feel meaningful.

This pivot reflects a larger cultural change. Skills are

now seen as the true currency of long-term success.

Whether someone is learning a new system, deepening

specialist knowledge, strengthening leadership and

communication abilities or simply becoming more

efficient and confident in their day-to-day work,

each step shapes their future opportunities. Unlike

promotions, which depend heavily on organisational

timelines and structures, skills are something individuals

can work on continuously. Over time, this compounding

growth strengthens mobility, resilience and confidence

– both within an organisation and beyond it.

Growth through confidence

Another powerful form of progress is the gradual rise in

confidence. It often develops quietly through moments

of stepping slightly outside a comfort zone. Presenting

to senior leaders for the first time, supporting a

colleague through a complex issue, managing a difficult

deadline or making a recommendation that is later

adopted, all contribute to a stronger internal voice that

says, “I can do this.”

As confidence grows, the way others perceive someone

begins to shift as well. People who share ideas with

assurance, approach challenges independently and

contribute thoughtfully to discussions naturally

command trust. This often leads to informal leadership

moments long before a job title changes. In many cases,

confidence becomes the foundation on which future

promotions are ultimately built.

Growth through autonomy

Autonomy is another strong indicator that someone is

progressing. Being trusted to take ownership of tasks,

explore solutions independently or lead parts of a

project demonstrates real belief from colleagues and

managers. In many workplaces today, people are already

operating at a level that surpasses the boundaries

of their formal job title. While this can sometimes

create tension around recognition, it also highlights

something significant – capability is expanding even if

titles haven’t caught up yet.

Another powerful form of progress is the

gradual rise in confidence. It often develops

quietly through moments of stepping slightly

outside a comfort zone.


CREDIT MANAGEMENT

Today, growth is multidimensional, ongoing and

deeply personal. It is shaped by new capabilities,

expanding independence, rising confidence and

the meaningful difference people make each day.

This kind of responsibility is a form of upward

movement in its own right. It builds valuable

experience, showcases maturity and can serve

as compelling evidence of readiness for future

opportunities.

Growth through impact

Impact is perhaps the most underrated form of

career growth. It appears in the moments where work

becomes better because of someone’s involvement,

where processes run more efficiently due to their

organisation or where relationships, both internal and

external, are strengthened by their presence.

Impact can be subtle, such as quietly refining a

workflow that makes the team’s life easier, or more

visible, like navigating a period of intense workload

with reliability and composure. It also shows up in

the quality of interpersonal relationships, something

many professionals highlight as a major contributor to

their overall job satisfaction. Impact is not measured

by a title. It is measured by the difference someone

makes in the day-to-day realities of their team and

their organisation.

A more expansive view

With professionals continuing to build skills, grow in

confidence, take on greater autonomy and contribute

meaningful impact, the outlook for career development

is a positive one. Rather than viewing progress solely

through the lens of promotion, there is real value in

recognising the constant, multifaceted growth occurring

all around us.

The world of work is shifting. Titles will always hold

importance, but they are no longer the only, or even

the primary, marker of progress. Today, growth is

multidimensional, ongoing and deeply personal. It is

shaped by new capabilities, expanding independence,

rising confidence and the meaningful difference

people make each day. A promotion will always be

worth celebrating. But so are all the steps that lead to

it.

Author: Natascha Whitehead FCICM is Director at Hays.


HR MATTERS

REASONS

MATTER

EAT confirms dismissal must be judged on the employer’s

actual rationale – not what it could have been.

BY GARETH EDWARDS

IN Chand v EE Ltd, the Employment Appeals

Tribunal (EAT) has reiterated that

fairness must be assessed by reference to

the employer’s actual reason for dismissal.

The claimant had 16 years’ service as a

senior customer advisor. She was dismissed

for gross misconduct following four

customer-related incidents.

The employer concluded that each incident involved

fraud and that trust and confidence had been destroyed.

The claimant accepted she had made mistakes but

denied dishonesty.

The Employment Tribunal found that the employer

did not have reasonable grounds for believing that any

of the four incidents amounted to fraud. However, it

concluded that one incident involved a serious breach

of policy and could amount to gross misconduct; the

tribunal held that the dismissal was fair.

The claimant appealed. The employer cross-appealed

against the finding that the belief in fraud was not

reasonably held.

The EAT dismissed the cross-appeal. The tribunal had

looked at the evidence before the decision-maker and

was entitled to conclude that the employer had no

reasonable grounds for believing the claimant had acted

fraudulently. The claimant’s appeal succeeded.

The EAT emphasised that, in conduct dismissals, a

tribunal must identify the employer’s actual principal

reason for dismissal. That requires examination of what

the decision-maker in fact decided, not what they could

have decided.

On the tribunal’s own findings, the employer’s reason

was a composite: it believed all four incidents were

fraudulent. The tribunal had not found that the fourth

incident, viewed as a non-fraudulent policy breach, was

the employer’s principal reason. Indeed, its findings

suggested the decision-maker had treated the incidents

collectively.

Because a key element of the employer’s reason was not

held on reasonable grounds, the only conclusion open to

the tribunal was that the dismissal was unfair. The EAT

substituted a finding of unfair dismissal and remitted

the case for a remedy hearing.

Where dismissal is based on multiple allegations,

employers must be clear about the reason relied upon.

If dishonesty or fraud forms a central part of that

reasoning, there must be reasonable grounds for that

belief.

Because a key element of the employer’s

reason was not held on reasonable grounds,

the only conclusion open to the tribunal was

that the dismissal was unfair.


CREDIT MANAGEMENT

Drawing the line

EAT orders rethink in discrimination

case over protected belief.

The EAT has found that a tribunal failed to properly

analyse whether an employer acted because of a

protected belief or because of concerns about how that

belief might be expressed in practice.

In Ngole v Touchstone Leeds, the claimant, a Christian

social worker, had previously posted comments on

Facebook stating that homosexuality and same-sex

marriage were sinful. A mental health charity made him

a conditional job offer but withdrew it after discovering

media reports about those posts.

He was later invited to a further meeting to provide

assurances about his ability to support LGBTQI+ service

users. The charity decided not to reinstate the offer.

The tribunal upheld the initial withdrawal of the

offer as direct discrimination but rejected complaints

relating to the second meeting and the final refusal to

reinstate the role. The EAT held that the tribunal had

erred in law in its analysis of the direct discrimination

complaints.

In belief cases, a tribunal must identify the employer’s

reasons for each act and analyse them separately. A

distinction must be drawn between treatment because

of the belief itself, and treatment because of something

objectionable in the way the belief is manifested.

The EAT accepted that the charity was entitled to

seek assurances that the claimant would comply with

its policies and fully support LGBTQI+ service users.

However, the tribunal had not properly examined

whether part of the employer’s reasoning was simply

that service users might discover that the claimant held

certain protected beliefs and find that upsetting.

If the treatment was because of the mere fact that

he held those beliefs, that would amount to direct

discrimination and could not be justified. The case was

remitted to the same tribunal to re-analyse the reasons

for requiring the second meeting and for refusing to

reinstate the job offer.

A distinction must

be drawn between

treatment because of

the belief itself, and

treatment because of

something objectionable

in the way the belief is

manifested.

Important changes to

Employment Tribunal and EAT rules

Amendments to tribunal procedure came into force on

2 March 2026, introducing summary reasons, tighter

pleading requirements and clarification of appeal time

limits.

• The introduction of “summary reasons” for tribunal

judgments means judges may now give short-form

reasons orally in appropriate cases.

• the tribunal’s ability to use dispute resolution

processes at preliminary hearings, is now formalised,

including judicial assessment (with consent) and

dispute resolution appointments (which may be listed

without consent).

• Tribunals have clearer powers to reject claims,

responses or replies that do not contain any grounds,

as well as those that cannot sensibly be responded to

or amount to an abuse of process.

• Tribunals may now waive the time limit for replying

to an employer’s contract claim where this is in the

interests of justice.

At appeal level, it is now clear that written full reasons

(not summary reasons) are required in order to lodge

an appeal.

Author: Gareth Edwards is a partner and Head of

Employment & Litigation at VWV.


FINANCIAL

GEOPOLITICS,

ENERGY AND

SUPPLY CHAINS

The real credit risks facing UK businesses in 2026.

BY JOHN PAYNE

THE UK enters 2026 with a fragile

but functioning economy. Growth

continues yet remains uneven

and vulnerable to external shocks.

Unemployment is still elevated,

hiring intentions have softened, and

productivity growth has stalled,

limiting the economy’s ability to absorb further disruption.

For credit professionals, this creates a narrow margin for

error: businesses are operating with less resilience just as

global risks intensify.

At the same time, business distress has become entrenched.

Corporate bankruptcies have remained high for three

consecutive years, particularly across construction, retail,

hospitality and business services. This persistence matters

– it signals structural stress rather than a short‐term

adjustment, and it raises the baseline level of credit risk

across supply chains. While some indicators of economic

uncertainty have eased, confidence remains fragile, and

investment decisions continue to be postponed.

UK policy risk reduced

Against this backdrop, the Spring Statement itself

delivered little in the way of surprise. Updated forecasts

from the Office for Budget Responsibility downgraded

UK GDP growth expectations, reinforcing an already

cautious outlook. Beyond that, the Chancellor announced

no major policy shifts that would materially alter the

trajectory for businesses or households.

For finance and credit teams, this matters because it

brings in much needed continuity to the operating

environment by only making policy changes once a year,

at the Autumn Budget. Organisations can now assume

that existing pressures, from financing costs to demand

volatility, will persist, and plan accordingly.

Rising geopolitical risks

If policy is largely static, geopolitics is anything but.

The escalation of conflict in the Middle East has already

disrupted global shipping routes and energy markets, with

rapid shifts in trade flows away from high‐risk corridors.

While the UK has reduced its reliance on fossil fuels over

time, energy remains a critical transmission channel

through which global shocks feed into domestic inflation

and business costs.

Trade policy uncertainty adds another layer of risk.

Ongoing tariff disputes and legal challenges in the US

underscore how quickly assumptions about market access

can change. For UK exporters and internationally exposed

firms, geopolitical developments now represent the single

most significant swing factor in the 2026 outlook – capable

of amplifying or offsetting domestic economic weakness.

Credit and behaviour signals

From a credit perspective, the signals are nuanced but

cautionary. Payment performance varies significantly by

sector. Some industries have shown modest improvement,

while others (notably construction) deteriorated through

2025. Overall business stress indicators remain elevated,

suggesting that many firms are operating with limited

financial headroom.

In this environment, credit conditions are unlikely to

loosen meaningfully. As bank lending standards tighten

and borrowing costs remain high, many businesses will

increasingly rely on trade credit to manage cash flow; a

trend for 2026 that Dun & Bradstreet identified prior to

the conflict in Iran, that will only accelerate as a result.

Implications for finance and credit teams

The key takeaway from our analysis at Dun & Bradstreet

is pragmatic rather than alarmist. This is not a call to

retreat from risk, but a reminder that disciplined credit

management matters more when uncertainty is high.

In a year where global volatility outweighs domestic

policy, disciplined credit management becomes a strategic

advantage. Finance and credit teams that combine stress

testing, real‐time data and sector insight will be better

positioned to support growth while protecting liquidity,

even as geopolitical and energy risks remain elevated.

Author: John Payne is a Senior Economist, Global Analytics

Innovation at Dun & Bradstreet.


BRANCH NEWS

FRESH START

FOR MEMBERS

South West Branch relaunch and AGM, highlighting

the value that credit professionals bring to the table.

CICM SOUTH WEST BRANCH

LAST month saw the successful

relaunch and AGM of the CICM

South West Branch, which took

place at the iconic Exeter Chiefs

Rugby ground on 19 March. The

rugby pitch was the perfect stage for

the committee and non-committee

members to come together, reconnect, and explore the

future direction of the branch.

The event began with an engaging networking session,

where attendees had the chance to get acquainted

and exchange ideas. This was followed by a lively and

open discussion highlighting the value that credit

professionals bring to the table and the unique benefits

CICM offers its members. We were delighted to have

Matt Wicks from Cathedral Appointments, who

offered valuable insights into the current recruitment

landscape across the region. Wrapping up the agenda,

our final session encouraged everyone to share their

vision for the South West committee, sparking

conversations around expansion and the types of events

members would love to see in the future.

We received fantastic feedback and a wealth of

creative suggestions for future events. It’s a pleasure

to announce that Paul Curtis from EDF and Jon

Spinks from West Country Bailiffs will be joining our

dedicated committee, alongside existing members

Amy Pike MCICM (Secretary), Phil Roberts FCICM

(Treasurer) from Clarke Willmott LLP, and Clare Trice

MCICM from CTCC Solutions.

On a personal note, I am delighted to have been

reappointed branch chair, after accepting the role on a

stand-in basis in November 2025. I am eager to increase

numbers at these events and we are keen to ensure

positive collaboration and improve accessibility with

the use of virtual meetings, as well as in person events

that make the most of our beautiful countryside and

coastline.

We are looking to hold two in person events this

year alongside regular monthly virtual meetings with

committee members to ensure continued growth and

delivery of events.

We welcome ideas from all members on what these

events should look like to ensure we are delivering

something different, innovative and genuinely engaging.

We will also look to involve guest speakers from across

the industry to share their knowlegde and insight with

our members.

Looking ahead

I hope that the Committee and membership in the

region will grow from strength to strength and we are

excited to see what events we can organise and attend

in the next year.

Author: Kate Huish FCICM,

CICM South West Branch Chair.


Finding a needle

in a haystack

How a niche talent search became a success story

When organisations face a hiring challenge that feels almost impossible, it can be tempting

to assume the right person simply isn’t out there. But imagine discovering that the talent you

need exists – they just haven’t seen your advert.

This story follows a company that spent weeks searching for a bilingual credit specialist,

only to find that the key wasn’t visibility, but reach. Their experience shows how the right

partnership can turn a narrow talent pool into a realistic, successful search.

The challenge

A global organisation in the North of England

struggled to hire a bilingual credit specialist.

The role required a niche language skill and

credit experience, instantly shrinking the available

candidate pool. Their direct advertising efforts

produced minimal results, and after several weeks,

they recognised that they needed a new approach.

The Hays approach

With expertise in credit recruitment and a

nationwide specialist network, Hays immediately

broadened the search beyond the local region.

Understanding the hybrid working pattern

allowed consultants to explore candidates willing

to relocate or commute periodically. By leveraging

deep sector knowledge and collaboration across

regional teams, Hays mobilised the full weight of

its UK credit network.

Reaching passive talent

The breakthrough came not from job boards, but

from passive candidates: high-quality professionals

who weren’t actively applying but were open to

the right opportunity. These relationships had

been built over years, with consultants maintaining

regular contact to understand motivations, career

goals, and long-term aspirations.

The outcome

Hays identified a candidate who was ready

for a new challenge and open to relocating.

Despite living hundreds of miles away, hybrid

working made the role viable. Their language

skills and career ambitions aligned perfectly

with the client’s needs. They progressed quickly

through the interview process and secured a

job offer.

The impact

This partnership demonstrated the power of specialist networks, passive talent

engagement, and nationwide collaboration. What began as a niche, hard‐to‐fill

vacancy became a strong match, showing clients that when the market is tight,

reach and relationship-building matter more than visibility alone.

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.

Trumps tariffs cause aluminium

smelting production to increase

THE owners of the UK’s only aluminium

smelter have increased production by

about 10% after exporting to the US for

the first time.

Alvance British Aluminium found

that US tariff changes opened up new

opportunities for its plant in Fort William.

President Donald Trump previously

imposed a 50% global tariff on imports

of steel and aluminium leaving the UK the

only country to get a preferential lower

rate of 25%.

Making aluminium is energy intensive

and smelters have closed over the last

50 years in both the US and the UK, often

due to high electricity costs. However, the

Fort William plant has a major advantage

– its own supply of cheap hydroelectricity.

It can smelt 48,000 tonnes per annum.

While over 6m tonnes of aluminium

is produced annually by members of

the Gulf Cooperation Council – Bahrain,

Kuwait, Oman, Qatar, Saudi Arabia,

and UAE, supply chains have become

disrupted in light of the war with Iran

and attacks on shipping in the Strait of

Hormuz.

SMOOTHER FOOD TRADE WITH THE EU?

THE Government has set out how it

expects UK exporters and importers

to benefit from a new Sanitary and

Phytosanitary (SPS) agreement with the

EU.

Overall, it expects the agreement to

free UK food and farming businesses

from paperwork, unnecessary delays

and the costs of current arrangements,

“opening opportunities for growth for

large and small importers and exporters

across the country, helping put British

produce back on European tables.”

Since 2018, the value of exports of

food and agricultural products to the

EU have fallen by 22%, a drop of almost

£4bn in real terms. Under the SPS, firms

should benefit from a simpler, cheaper

process for moving most agrifood goods

between Great Britain and the EU.

The Government is working toward

a mid-2027 start date for the new

agreement and wants businesses in

the sector to start preparing now. This

includes those that do not currently trade

with the EU.

Firms are being encouraged to engage

with their relevant trade body or industry

association and supply chain and sign up

to Defra email alerts for regular updates.


Director jailed for illegal exports

A company director has been jailed for

attempting to export military grade night

vision rifle sights to Hong Kong without

the required licence.

Steven Gates, 47, from Wakefield,

attempted to export eight thermal

imaging rifle sights classified as ML1d

under the UK Military List. He misdescribed

the items as ‘low value

cameras’ to conceal their controlled

status.

However, Border Force seized three

scopes at Manchester Airport in February

2022 and another five in April 2023.

A search of Gates’ home uncovered

evidence of 10 further unlicensed

West Yorkshire trade mission

TRACY Brabin, mayor of West Yorkshire,

ran a five-day trade mission to Switzerland

and Germany seeking economic ties,

inward investment and new export

opportunities for West Yorkshire firms.

The mayor arrived in Zurich at the

head of a 12-strong business delegation.

Organised by the West Yorkshire

Combined Authority and supported by

KPMG. The mission focused on three

sectors: financial and digital services,

health technology and advanced

manufacturing.

Backed by the UK Government, the

shipments to Hong Kong. He was

subsequently convicted under sections

68 and 167 of the Customs and Excise

Management Act 1979 and received a 25

month prison sentence.

The UK operates strict export controls

and a partial arms embargo on China

and Hong Kong. HMRC says that it has

increased enforcement significantly, with

51 criminal investigations in 2024 to

2025, up from five in 2021 to 2022.

It found Gates’ action “was a calculated

attempt to bypass the UK’s strict licensing

regime. Anyone seeking to export military

items without a licence will be detected

and brought to justice.”

WHERE THERE’S MUCK

ON-demand laundry and dry-cleaning platform Laundryheap has moved into

four new markets – Colombia, Mexico, Malaysia and Scotland. With the latest

expansion, the company is now present in 28 cities and 16 countries including

the United States, Singapore, the Netherlands, UK, the UAE and France, with

further moves planned throughout 2026.The company claims it is the world’s

largest on-demand laundry service having served more than 400,000 customers

and processed over 110m items to date. The business reports growth of around

700% in the five years since 2020. Laundryheap’s app-based model allows

customers to book collections for clothes and bedding, which are laundered or

dry cleaned and returned within 24 hours.

trip was designed to “strengthen trade

links with two of Europe’s most advanced

industrial economies.” It forms part

of West Yorkshire’s Local Growth Plan

which uses £2bn of devolved funding to

attract additional private investment into

transport, housing and skills.

“Europe is our most important trading

partner,” Brabin said. “Investment from

Swiss and German firms, and exports

from our homegrown businesses,

support thousands of good jobs across

Bradford, Halifax, Huddersfield, Leeds and

Wakefield”

CREDIT MANAGEMENT

FOCUSES ON CHINA

BROMPTON Bicycle has scaled back its

US expansion and is investing more in

China as a result of President Donald

Trump’s trade policy.

The folding bike manufacturer closed

its branded stores in New York and

Washington last year when their leases

expired. While the company cautiously

invests in the US, it has, by contrast,

opened a new outlet in Shenzhen

and doubled the size of its flagship

Shanghai store following a major

refurbishment.

China offers greater stability from

Brompton’s perspective. The company

has operated in the country for 17

years. It now runs three owned stores,

14 franchise outlets and distributes

through third-party retailers.

“It’s our largest market and we

know where we stand,” according to

managing director Will Butler-Adams;

warmer diplomatic ties between the

UK and China could further enhance

demand for British brands.

Brompton’s move illustrates how

global manufacturers are changing

supply chains and retail strategies in

response to trade tensions, seeking

predictability as much as growth in

an increasingly volatile geopolitical

landscape.

DECLINE IN EXPORTS

DATA released mid-March by the Office

for National Statistics (ONS) covering

January 2026 details that while the

value of imported goods decreased by

£0.3bn (0.6%) in January 2026, and the

fall in imports from non-EU countries

being partially offset by a rise in imports

from from non-Eu countries was partially

offset byWorryingly though, exports of

goods to the US fell by £500m (11.3%)

in January 2026, while imports of goods

rose by £6m (12.4%).

The decline in exports to the US was

because of a £400m fall in exports of

machinery and transport equipment

following reduced exports of cars,

with smaller falls in exports of most

other commodities. The ONS says that

the value of goods exports to the US

has remained relatively low since the

introduction of trade tariffs in April

2025. It also says that “monthly data

can be erratic and therefore may not be

indicative of longer-term trends”.


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


EXCLUSIVE PAYMENT TRENDS

LOST

GROUND

One step forward and two steps back for

UK and Irish late payments.

BY ROB HOWARD

WHILE last month’s

Payment Trends

showed signs of recovery

and offered

some spring optimism,

the latest

statistics are less encouraging,

showing much of that progress is now undone,

with increases in late payments across the board.

The majority of average Days Beyond Terms (DBT) figures

are rising, with increases of 1.7 and 3.7 days across

Irish counties and sectors. Average DBT across UK

sectors rose by 0.5 days but fell by 0.9 days across UK

regions. Across Ireland’s four provinces, average DBT

increased by 2.2 days.

Sector Spotlight

Across UK sectors, although nine of the 22 sectors made

positive progress, more than half (13) saw increases to

DBT. Starting with the positives, the Water and Waste

sector took strides forward rising up the standings, with

a reduction of 5.8 days taking its overall DBT down to

10.6 days. The Manufacturing sector also moved in the

right direction, with a cut of 3.0 days, to reduce its overall

DBT tally to 11.0 days. Of those going backwards, the

Public Administration sector took the biggest hit and

slides down the standings; now, following an increase of

6.9 days, it has an overall DBT of 14.1days. The Business

Admin and Support sector is also in decline, with a rise

of 5.3 days taking its overall DBT to 14.9 days.

In Ireland, the outlook is even worse, with three

quarters (15) of the 20 sectors seeing increases to DBT.

Only two sectors seeing no change to DBT, only three

made reductions to DBT. The Mining and Quarrying

sector was the biggest mover, and is now the second

best performing Irish sector having cut 6.6 days off

its overall DBT, reducing it to 6.2 days. Among the 15

sectors moving in reverse, a number of these rises are

significant. A steep jump of 12.5 days means the IT and

Comms sector is now the second worst performing Irish

sector with an overall DBT of 23.9 days. The Education

and Financial and Insurance sectors are also sliding at

pace, with increases of 9.4 and 9.1 days respectively. The

Business Admin and Support sector however remains

Ireland’s worst performing, following a further increase

of 7.2 days taking its overall DBT to 26.8 days.

Regional Spotlight

The UK regional standings, at least, provide some relief,

with eight of the 11 regions making improvements

to their DBT. Scotland continued its progress with

a reduction of 1.9 days and is now the UK’s best

performing region with an overall DBT of 7.9 days. The

East Midlands isn’t too far behind in second, now with

an overall DBT of 9.7 days following a cut of 1.3 days.

At the opposite end of the standings, although they

remain at the bottom, East Anglia (-3.0 days) and the

West Midlands (-2.1 days) both closed the gap with solid

improvements in the right direction.

The relief does not extend into Ireland, however, even if

seven counties made solid progress, 19 of the 26 counties

saw increases to DBT. Looking at the positives, Wexford

and Wicklow made the biggest improvement, reducing

their DBT by 8.2 and 7.5 days respectively, moving them

both into the top five performing counties. However,

a number of counties took significant hits to their

DBT. Donegal (+10.1 days) and Louth (+10.0 days) saw

the biggest rises, although Limerick (+9.5 days) and

Waterford (+8.9 days) weren’t too far behind and all

four are now among the bottom five worst performing

counties. They are joined by Westmeath, which remains

the worst performing Irish county, with a further

increase of 4.9 days taking its overall tally to 29.6

days.

All four Irish provinces saw increases to

DBT, with Ulster moving from the best

to worst performing province following

an increase of 6.2 days which takes its

overall DBT to 12.7 days.


*

STATISTICS

Data supplied by the Creditsafe Group

Top Five Prompter Payers

Region (UK) Mar 26 Changes from Feb 26

SCOTLAND 7.9 -1.9

EAST MIDLANDS 9.7 -1.3

SOUTH WEST 10.1 0.0

YORKSHIRE AND HUMBERSIDE 10.5 -1.6

SOUTH EAST 10.9 1.7

Bottom Five Poorest Payers

Region (UK) Mar 26 Changes from Feb 26

EAST ANGLIA 12.6 -3

LONDON 12.1 0.6

WEST MIDLANDS 12.0 -2.1

NORTHERN IRELAND 11.7 -0.2

NORTH WEST 11.4 -0.8

Getting worse

Public Administration 6.9

Business Admin & Support 5.3

Dormant 4.8

IT and Comms 3.3

Energy Supply 2.4

Entertainment 1.3

Financial and Insurance 0.8

Other Service 0.8

Education 0.6

Real Estate 0.5

Top Five Prompter Payers

Sector (UK) Mar 26 Changes from Feb 26

International Bodies 2.8 -1.8

Entertainment 6.6 1.3

Mining and Quarrying 7.1 -1.7

Hospitality 7.2 -1.6

Education 7.8 0.6

Bottom Five Poorest Payers

Sector (UK) Mar 26 Changes from Feb 26

Dormant 16.4 4.8

Business Admin & Support 14.9 5.3

Public Administration 14.1 6.9

Professional and Scientific 12.6 0.2

Real Estate 11.7 0.5

Business from Home 0.2

Professional and Scientific 0.2

Health & Social 0.1

Getting better

Water & Waste -5.8

Manufacturing -3

Transportation and Storage -1.9

International Bodies -1.8

Mining and Quarrying -1.7

Hospitality -1.6

Wholesale and retail trade; repair of

motor vehicles and motorcycles -1.1

SCOTLAND

-1.9 DBT

Construction -0.9

Agriculture, Forestry and Fishing -0.4

NORTHERN

IRELAND

-0.2 DBT

SOUTH

WEST

0.0 DBT

WALES

-1.1 DBT

NORTH

WEST

-0.8 DBT

WEST

MIDLANDS

-2.1 DBT

YORKSHIRE &

HUMBERSIDE

-1.6 DBT

EAST

MIDLANDS

-1.3 DBT

LONDON

0.6 DBT

SOUTH

EAST

1.7 DBT

EAST

ANGLIA

-3.0 DBT

Region

Getting Better – Getting Worse

-3.0

-2.1

-1.9

-1.6

-1.3

-1.1

-0.8

-0.2

1.7

0.6

0.0

East Anglia

West Midlands

Scotland

Yorkshire and Humberside

East Midlands

Wales

North West

Northern Ireland

South East

London

South West


EXCLUSIVE PAYMENT TRENDS

CONNAUGHT

0.5 DBT

DONEGAL

10.1 DBT

GALWAY

-4.2 DBT

LIMERICK

9.5 DBT

LEITRIM

-7.5 DBT

LEINSTER

0.6 DBT

MONAGHAN

8.6 DBT

ULSTER

6.2 DBT

WESTMEATH

4.9 DBT

LOUTH

10 DBT

WICKLOW

-7.5 DBT

Getting worse

IT and Comms 12.5

Education 9.4

Financial and Insurance 9.1

Business Admin & Support 7.2

Entertainment 6.7

Transportation and Storage 6

MUNSTER

1.5 DBT

TIPPERARY

2.3 DBT

WEXFORD

-8.2 DBT

Professional and Scientific 5.8

Water & Waste 4.4

Other Service 4.4

Real Estate 3.6

Top Five Prompter Payers – Ireland

Region Mar 26 Changes from Feb 26

WICKLOW 4.6 -7.5

LEITRIM 4.7 1.0

GALWAY 4.9 -4.2

WEXFORD 5.3 -8.2

TIPPERARY 6.3 2.3

Wholesale and retail trade; repair of

motor vehicles and motorcycles 3.5

Agriculture, Forestry and Fishing 3.4

Public Administration 3.4

Manufacturing 2.6

Health & Social 0.7

Bottom Five Poorest Payers – Ireland


WESTMEATH 29.6 4.9

LOUTH 28.8 10

MONAGHAN 14.9 8.6

LIMERICK 13.7 9.5

DONEGAL 13.4 10.1

Top Four Prompter Payers – Irish Provinces


CONNACHT 7.8 0.5

MUNSTER 9.6 1.5

LEINSTER 11.4 0.6

ULSTER 12.7 6.2

Getting better

Mining and Quarrying -6.6

Construction -1.9

Hospitality -0.6

Top Five Prompter Payers – Ireland

Sector Mar 26 Changes from Feb 26

International Bodies 0.0 0.0

Mining and Quarrying 6.2 -6.6

Agriculture, Forestry and Fishing 7.2 3.4

Hospitality 7.6 -0.6

Entertainment 9.0 6.7

Bottom Five Poorest Payers – Ireland

Nothing changed

Energy Supply 0

International Bodies 0

Sector Mar 26 Changes from Feb 26

Business Admin & Support 26.8 7.2

IT and Comms 23.9 12.5

Water & Waste 20.8 4.4

Public Administration 19.2 3.4

Financial and Insurance 13.2 9.1


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%.

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.

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.

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 MANAGEMENT SOFTWARE SOFT-

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.

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.

Credica Ltd

Credica Limited, Harwell Innovation Centre, Curie Avenue,

Harwell Oxford, Didcot, Oxfordshire, OX11 0QG

T: 01235 856400 E: 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.

DEBT & ASSET RECOVERY SERVICE

Shakespeare Martineau

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

W: www.shma.co.uk

T 01789 416440

Shakespeare Martineau provides expert debt and asset

recovery services across various sectors, including energy,

manufacturing and Government. Our team supports regulated

and unregulated debt, acting as an extension of internal

collections when needed. We prioritise keeping client costs low

while empathetically engaging with debtors. Our 70+ experts

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

fee plans, bespoke service, flexible case management, and

additional support like training, advice, litigation and mediation.

Towerhall Solutions

E: info@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.

FINANCIAL PR

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.

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.

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

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.

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


Credit Management magazine May 2026

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