Credit Management July and August 2020

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EDITOR’S COLUMN I’m talking but you’re not listening Sean Feast FCICM Managing Editor BE careful what you wish for. I used to detest that phrase and now I detest it even more. When we had Brexit, I stopped watching the news and prayed the media would talk about something else. I did the same with coronavirus. Not long into lockdown I simply switched it off. I prefer my politicians to be out there doing their jobs, rather than having to justify every time they break wind to an intensely irritating BBC. Only recently did I venture back to be confronted with the latest in the desperately depressing saga in the hunt for young Maddie McCann, and the sight of riots all over the world on the undeniably simple premise that Black Lives Matter. Whatever happened to good news, I hear myself asking on an almost daily basis? Because there is good news out there. I learned recently that while sales of real plants and flowers may have fallen off a cliff with the initial closure of garden centres, sales of plastic plants have gone through the roof. One firm, Blooming Artificial (great name!), reported likefor-like sales having increased by around 150 percent – great news for all those with not-so green fingers. I also recently learned in the CICM Think Tank that collections volumes may in fact be rising, and requests for payment plans have ‘skyrocketed’ (see news page 9) as consumers look to get their debt in order – an action that seems to fly in the face of other stories of impending doom. What is interesting, in this context, is the ongoing debate about how debt advice will be funded in the future. The government recently announced a dedicated £38m (through the Money and Pensions Service) windfall to fund advice through the current crisis, but I am guessing it is expecting the financial community – including collections agencies and purchasers – to cough up part of that. Consultations have come and gone (including the snappily titled CP20/6: FCA regulated fees and levies: Rates Proposals 2020/2021) but I sometimes wonder if the Regulator or the government are actually listening. I know that the CSA has asked the advice sector to evidence where and how its current contributions are being spent, before it contributes any more, but I’m not aware, as yet, if it’s got any answers. So is it really appropriate to increase fees in the current climate? I’m no expert, but it seems somehow perverse for the FCA to want an increase in fees just at the very time that debt buyers and agencies are facing huge costs of their own. Not only have they had to absorb payment holidays, but also the additional costs of compliance and working remotely. Debt collectors might not be many people’s friends, but whether politicians or my colleagues in the media like it or not, they are an essential part of our economy and the industry deserves the same protection/ support from the government as any other business sector. I’ve also heard whispers of a proposed change to how the Financial Ombudsman Service (FOS) is funded going forward, and a disturbing rumour that the costs will be spread across the whole industry, rather than being met by those who actually pollute the system. Added to the ongoing fee saga, it does make me wonder who is wagging the doggie’s tail. Advancing the credit profession / www.cicm.com / July & August 2020 / PAGE 4
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Page 1 and 2: CREDIT MANAGEMENT CM JULY & AUGUST
Page 3: 14 CARRY ON REGARDLESS Matthew Godb
Page 7 and 8: NEWS ROUNDUP Association adopts pos
Page 9 and 10: THE CICM THINK TANK > THE NEWS IN B
Page 11 and 12: INSOLVENCY PRIME STAKE Insolvency P
Page 13 and 14: INSOLVENCY EXCLUSIVE The Moratorium
Page 15 and 16: ASK THE EXPERTS IN this series, we
Page 17 and 18: COMMERCIAL COLLECTIONS PERSONAL ACC
Page 19 and 20: COMMERCIAL COLLECTIONS AUTHOR - Sea
Page 21 and 22: SECTOR COMMENT DINING OUT Has the r
Page 23 and 24: OPINION AUTHOR - John Ricketts FCIC
Page 25 and 26: LEGAL MATTERS AUTHOR - Peter Walker
Page 27 and 28: VIEW FROM THE SEA FRONT AUTHOR - Da
Page 29 and 30: EDUCATION & MEMBERSHIP Which CICM q
Page 31 and 32: Handy Andes are not to be sniffed a
Page 33 and 34: COUNTRY FOCUS France is our nearest
Page 35 and 36: COUNTRY FOCUS AUTHOR - Adam Bernste
Page 37 and 38: Each of our Corporate Partners is c
Page 39 and 40: CAREERS ADVICE STAYING AHEAD Why op
Page 41 and 42: It needn’t be that hard. Imagine
Page 43 and 44: OPINION AUTHOR - Chris Sanders FCIC
Page 45 and 46: PAYMENT TRENDS Data supplied by the
Page 47 and 48: OPINION LADIES FIRST A talk at a La
Page 49 and 50: PERSONAL DEVELOPMENT Making Memorie
Page 51 and 52: HR MATTERS Vicarious Living Indiscr
Page 53 and 54: INSPIRE ME IN THE NEW ERA OF WORK Y
Page 55 and 56:
More reasons to be a member Make co
Page 57 and 58:
FOR ADVERTISING INFORMATION OPTIONS
Page 59 and 60:
PAYMENT SOLUTIONS ARE YOU A LEADER
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Credit Management July and August 2020

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