Credit Management magazine June 2024

CREDIT MANAGEMENT
CM
JUNE ISSUE 2024
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
Cracking
Heads
Disagreement
over new payment
regulation
What's really going on
with buy now pay later?
Page 14
The public supports a fair
and effective enforcement
system. Page 32

SEAN FEAST FCICM
MANAGING EDITOR
Editor’s column
FIXATION WITH
30-DAY PAYMENT
TERMS IS A COSTLY
DIVERSION
NEWS has been dominated this month
by the launch of new a Late Payment
Regulation from our friends in the
European Union which will inevitably
have consequences for UK firms
trading in the eurozone.
The Regulation, which will effectively make maximum credit
terms for all Government to Business transactions 30 days and
a default of 30 days for all Business-to-Business transactions (or
60 days if both parties mutually agree), is designed to tackle
the late payment challenge. It really won’t. All it will succeed
in doing, as our own leader Sue Chapple makes clear, is remove
the freedom of contract ‘which has been the bedrock of business
for centuries’.
It will also, as various retail groups have confirmed, simply
shift the sourcing of new goods and supplies to countries like
China where more flexible payment terms can be negotiated.
The fixation with a 30-day payment term is nothing new.
Various business organisations have long championed for its
existence and will no doubt continue to do so. Those same
organisations often fail to recognise (or at least acknowledge)
a very real difference between ‘late payment’ and paying to an
agreed term that happens to be greater than 30 days. For they
are not the same thing. And as I have said, and much brighter
and more experienced people than me have been saying for
many years, certainty of payment is key, for it is that certainty
that helps you plan.
But we’ve been here before. Previous Late Payment Directives
have been ‘disappointing’ in their outcomes – the EU’s words
not mine – and the late payment position is largely what
it was two decades ago (see article page 24). That makes this
new Regulation so odd. Why does anyone think that what is
being proposed now, which is not so very different from
what has been proposed previously, will move the needle this
time around?
My own view, and at the risk of reading like an Agatha Christie
novel, is that we’re looking at the issue ‘the wrong way round’.
We’re trying to solve late payment through the bluntest of blunt
tools and ignoring the fact that good business, and good business
practice, still centres on relationships and mutual understanding.
It is pleasing to read that members of FECMA, despite having had
a cross word or two in recent weeks, agree on something more
important than arbitrary time frames. They agree that the EU
should put far more attention to front end credit management
in terms of awareness, education and training, staff support
and customer service. As one of our contributor’s asserts, all
the attention to sweeping up afterwards is a diversion which
is costly, and in the end ineffective.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 3

contents
June 2024 issue
10 – BREATHING SPACE SCHEME
Alexandra Davies says the Breathing Space
Scheme is a beacon of hope.
14 – NOW OR NEVER
What's really going on with buy now pay later?
16 – LOAN RIDER
The challenge of setting up as an alternative
lender in the UK.
22 – QUALITY CONTROL
Showcasing excellence in quality credit
management.
24 – BETTER NEVER THAN LATE
Why new EU regulation won't solve the late
payment issue.
28 – LIFE ACCORDING TO...
Was the new late payment regulation debate a
done deal from the start?
32 – FIRST IMPRESSIONS COUNT
How candidates can judge a business by its job
application process.
34 – TURNING JAPANESE
There's more to Japan than technology and
innovation.
40 – HOME BUT NOT ALONE
The complexity of managing remote workers.
52 – PUBLIC IMAGE
The public supports a fair and effective
enforcement system.
40
10
INSOLVENCY
Navigating the Breathing
Space Scheme
HR MATTERS
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 4

34
COUNTRY FOCUS
Japan
16
LOAN RIDER
The challenge of setting
up as an alternative
lender in the UK.
By Stephen Moller.
24
BETTER NEVER
THAN LATE
CICM GOVERNANCE
President: Stephen Baister FCICM
Chief Executive: Sue Chapple FCICM
Executive Board: Chair Debbie Nolan FCICM(Grad)
Vice Chair: Neil Jinks FCICM
Treasurer: Glen Bullivant FCICM
Larry Coltman FCICM / Allan Poole MCICM
Advisory Council: Caroline Asquith-Turnbull FCICM
Laurie Beagle FCICM / Glen Bullivant FCICM
Brendan Clarkson FCICM / Larry Coltman FCICM
Peter Gent FCICM(Grad / Victoria Herd FCICM(Grad)
Laural Jefferies FCICM / Neil Jinks FCICM
Martin Kirby FCICM / Charles Mayhew FCICM
Hans Meijer FCICM / Debbie Nolan FCICM(Grad)
Amanda Phelan FCICM / Allan Poole MCICM
Phil Roberts FCICM / Chris Sanders FCICM
Paula Swain FCICM / Jamie Thornton MCICM
Mark Taylor MCICM / Atul Vadher FCICM(Grad)
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Website: www.cicm.com
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Managing Editor: Sean Feast FCICM
Deputy Editor: Iona Yadallee
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Email: andrew.morris@cicm.com
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Melanie York
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Opinions expressed in this magazine do not, unless stated, reflect those
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Chartered Institute of Credit Management.
Any articles published relating to English law will differ from laws in Scotland and Wales.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 5

THE NEWS
CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
WRITTEN BY: SEAN FEAST FCICM
Atradius report shows defaults
and claims on the rise
PROLONGED economic and
sector challenges are having
a significant impact on UK
industries, resulting in major
increases in payment defaults
for many cornerstone industries. Major
claims increases have been reported for
energy, fuel, metals, paper and packaging,
and food sectors.
The new report from Atradius, the UK’s
second-largest trade credit insurer into
payment default trends for Q1 2024, shows
that the energy and fuel sector had a 75
percent increase in payment defaults in Q1
year-on-year. The growing instability could
be fuelled by new border controls that will
come into effect on 30th April, which could
cost businesses up to £2 billion, increase
inflation and have a knock-on impact on
EU/UK trade.
Packaging claims increased by 400
percent year-on-year and by 25 percent
quarter-on-quarter (Q4 2023 to Q1 2024),
the biggest spike in instability of all sectors.
One cause for this could be growing
consumer and regulatory reactions to the
sustainability of packaging. This was seen
most notably in Amazon pulling singleuse
plastic delivery bags and encouraging
grouped delivery for orders.
In Food and Drinks, the largest
manufacturing sector in the UK, claims
increased by 44 percent – a significant
figure for the 97 percent of food sector
firms that are SMEs. The highest level of
rainfall for any 18-month period since
1836 had a knock-on effect on the amount
of food produced in the UK. It means the
food sector will be increasingly reliant on
imports, which will impact food prices and
profitability for agri-food firms. This is
reflected in turbulence within the sector’s
supply chains, with claims for agriculture
firms 67 percent higher in March 2024,
year-on-year.
Metals increased by 55 percent in Q1
of 2024. In March 2024 alone, there was
an 83 percent increase year-on-year for
payment default claims. Labour and talent
shortages, green transition pressures, rising
costs and international conflict are creating
an unstable business environment, pushing
firms to grow opportunities and navigate
the risks associated with the challenges
impacting the sector. Claims for the iron
and steel sector increased by 20 percent
year-on-year for Q1, and by 100 percent
from Q4 2023, following the introduction
of restrictions on Russian imported iron
and steel by the UK and Europe in Q3 2023.
In food and
drinks,
the largest
manufacturing
sector in the UK,
claims increased
by 44 percent – a
significant figure.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 6

CREDIT MANAGEMENT
NatWest says goodbye
to buy now pay later
NATWEST has axed its buy now, pay
later (BNPL) option in order to focus on
its core lending products like credit cards,
overdrafts and loans. The bank informed
customers who have active BNPL plans
that the service was shutting down in May.
The bank said that accounts will be closed
when they have completed their repayment
periods. NatWest’s BNPL offering allowed
users to repay their purchases in four equal
monthly instalments without accruing any
interest. Plans were managed through a
dedicated NatWest mobile app.
Despite the success of the option across
other brands, notably Klarna, NatWest’s
“instalment plan” for credit card users are
believed to have retained greater popularity
among customers compared to the BNPL
offering.
The somewhat humiliating withdrawal
follows the well-publicised launch of
NatWest’s BNPL offer in 2022, at which
point the bank cited ‘clear demand.’
More than a third (38 percent) of Brits
used BNPL services in the year to January
2024, and 14 percent used it for the first
time in this period.
Elsewhere, increasing financial strain due
to the cost-of-living crisis is pushing more
consumers towards credit reliance, and
ongoing pressure is taking its toll on the
mental health of individuals nationwide.
Analysis from Equifax UK in its latest
Financial Health Report highlights a surge
in credit utilisation and the adoption of
BNPL schemes, with credit card debt alone
rising by 9.7 percent last year to reach
£67.4bn by year-end.
Beyond the immediate financial impacts,
growing debt levels can lead to emotional
distress and diminished physical wellbeing.
Equifax research reveals that consumers
facing rising debt repayments feel anxious
(41 percent), depressed (33 percent) and
frustrated (32 percent) – while over half (53
percent) of Brits have said they felt anxious
about rising interest rates affecting their
mortgages. (See article page 14-15)
Increasing financial strain due to
the cost-of-living crisis is pushing
more consumers towards credit
reliance, and ongoing pressure is
taking its toll on the mental health of
individuals nationwide.
Not so nimble Nimbla
fails after great start
JOINT liquidators from Leonard Curtis
have begun winding up the invoice
insurtech Nimbla.
Nimbla was launched by tech
entrepreneur Flemming Bengtsen in 2016
as a challenger to the traditional credit
insurance brands. Bengtsen said at the time
that he was ‘dragging [credit insurance] into
the 21st century’.
Nimbla offered an automated digital
platform that provided instant quotes to
businesses looking for insurance, whether
they were seeking to cover a single invoice or
their whole customer book. Such flexibility
was intended to help keep premiums low,
and enable more small business users to
access the product.
In 2020, Barclays announced a partnership
with Nimbla, which enabled Barclays' one
million SME clients to take out insurance
against individual invoices rather than
the whole book. In late 2021, Nimbla raised
more than £5 million in a funding round led
by Silicon Valley venture fund Fin VC, with
participation from Barclays Bank.
Lowell performance
LOWELL, a European leader in credit
management services, has announced its
results for the twelve months ended 31
December 2023 to show a group collection
performance at 101 percent of Dec-22 Static
Pool expectations and FY23 purchases of
£319m at 20.4 percent net internal rate
of return (IRR). Colin Storrar, Group
Chief Executive Officer, says the results
demonstrate another year of delivery
against key operational and financial
objectives: “The strength in our operations
has again allowed us to report collections
ahead of balance sheet expectation which
has been further supported by executing
on key Balance Sheet Velocity initiatives
across the year which provide meaningful
diversification of liquidity and acceleration
of ERC.
Bridging the gap
INVOICE Finance specialist,
Optimum Finance, has appointed Jessica
Okonoboh as its latest Relationship
Manager (RM) to help bridge the gap
between introducers and retained clients
in a time of high demand. CEO, Ant Persse
FCICM says businesses need a helping hand
to use their facility to its fullest extent:
"Jessica's appointment means we can deliver
a new sense of connection, confidence and
commitment to our newest clients and
establish strong relationships that see them
grow.”
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 7 continues on page 8 >

NEWS
Allianz enhances suite of
credit insurance products
ALLIANZ Trade, the trade credit insurance
provider, has launched a new generation
of trade credit insurance products in the
UK and Ireland that is said to offer better
cover, a better experience, and ‘further
opportunities for international growth’.
The improved cover includes CEND (Confiscation,
Expropriation, Nationalisation and Destruction) Political
Risk coverage as standard, where it was not included as part
of the core product before. It also includes fully retrospective
cover for approved buyer risks and enhanced delayed effect
cover, eliminating uncertainty over riskier credit limits an
insured may offer to customers.
To improve the customer experience the business has
produced simpler policy documentation, with a quick access
online portal to retrieve policy documentation and other
key information. New terms and conditions are grouped
into country zones rather than per country, making it even
more efficient to arrange cover for insureds which trade in
multiple jurisdictions, with additional flexibility on coverage
in those zones
All new business will be underwritten per the terms of the
new policy wording, while existing policies will transition at
natural renewal points throughout the year.
Sarah Murrow, CEO for the UK & Ireland, Allianz Trade
believes global insolvencies will rise again this year by nine
percent, so covering non-payment risks will be a matter of
survival for many businesses: “Our updated policy wording
is designed to give our insureds the security and confidence
to trade and grow, despite prevailing economic uncertainty,
while providing brokers with a solution that is simple to use
and makes their job easier.”
Our updated policy wording is designed to give our
insureds the security and confidence to trade and
grow, despite prevailing economic uncertainty,
while providing brokers with a solution that is
simple to use and makes their job easier.
Sarah Murrow, CEO for the UK & Ireland, Allianz Trade
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 8

British Youth Council
fails after collapse of
major funder
JAMES Sleight and Peter Hart of PKF
Littlejohn Advisory have been appointed
Joint Liquidators of the British Youth
Council (BYC) following a creditors’
meeting on at the end of April. PKF
Littlejohn Advisory had been appointed
to assist the Trustees of the BYC to place
the charity into a Creditors’ Voluntary
Liquidation (CVL) in March.
BYC’s well-publicised demise was
accelerated by the February 2024 collapse
of The Body Shop (TBS), a major funder,
which had contributed significantly to
the BYC’s running costs, and the decision
by other funding partners not to renew
their funding because of the challenging
economic environment. In addition to
private funding, BYC also received public
support by way of a grant from The
Department of Culture, Media and Sport
(DCMS).
The Council’s cashflow challenges began
to crystalise at the end of 2023 when an
expected £36,000 from TBS failed to
materialise and the Board recognised that
income generation was not going to recover
before the year end.
Joint Liquidator, James Sleight, says the
Trustees did the right thing by seeking
help early and exhausting all avenues
to maintain BYC as a going concern:
“Unfortunately, and despite reasonable
prospects to return the charity to a solvent
position, when further support from major
funders failed to materialise, the decision
was taken to place the charity into a CVL.
Now, after a creditors’ meeting, the charity
will be wound up.”
The nature of the organisation means
that outstanding debts are comparatively
low in value and two creditors account
for 30 percent of the total debt. Lack of
tangible assets means that creditors are
unlikely to see a dividend, although there
is potential value in the sale of intangible
assets including the brand which may also
enable some form of the charity’s valuable
work to continue in the future. The Joint
Liquidators are exploring all options in this
regard.
The nature of
the organisation
means that
outstanding debts
are comparatively
low in value and
two creditors
account for 30
percent of the
total debt.
CREDIT MANAGEMENT
Iwoca secures
£270m funding
IWOCA, one of Europe’s largest SME
lenders, has secured a new £270m package of
debt funding, taking total gross investment
in the company to over £1bn since it was
founded in 2012. The lender has received
£150m in debt financing commitments from
Citibank and Insight Investment to support
the company’s growth in Germany, and a
further £120m from Barclays and Värde for
the UK business, as it responds to what it
describes as ‘mounting demand for finance
from small businesses’. Since its launch in
2012, iwoca claims to have provided £3bn in
loans to SMEs in need of working capital in
the UK and Germany.
Borrowing
to keep up
NEW polling by YouGov for StepChange
Debt Charity shows that nearly one in
four (23 percent) UK mortgage holders
has turned to some other form of credit or
borrowing in the last three months so that
they could keep up with existing borrowing
commitments. Additionally, the polling
reveals that one in six mortgage holders (16
percent) have borrowed on their credit card
in the past three months so that they can
keep up with other bills, a higher proportion
than those living in other housing tenures.
UK Finance recently announced that
homeowner mortgage in arrears of 2.5
percent or more rose by three percent in
the first quarter of 2024, compared to the
previous quarter, showing that the debt
pressure for many homeowners remains
acute. However, the rise year-on-year is
substantial – there were 96,580 homeowner
mortgages in arrears of 2.5 percent or more
of the outstanding balance in the first
quarter of 2024, compared to 76,680 in the
first quarter of 2023.
Business of
proven Quality
The Quality in Credit Management
accreditation continues to go from
strength to strength with no fewer than
five companies attaining CICMQ in
recent months including EDF, Lonza,
HSCNI, Npower and Hilti. Some are
being accredited for the first time, whereas
others might be considered seasoned
veterans, looking to further improve on
the excellence in credit management that
they have already demonstrated. Further
news on their achievements, their merits
and distinctions, will feature in a future
edition of the magazine.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 9

INSOLVENCY
NAVIGATING
THE BREATHING
SPACE SCHEME
The Breathing Space Scheme is a beacon of hope.
BY ALEXANDRA DAVIES
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 10

CREDIT MANAGEMENT
IN a world where financial strain is all too
common, the Breathing Space scheme
emerges as a beacon of hope for individuals
struggling with debt in England and Wales.
Introduced under UK regulations, this
initiative offers much-needed respite to
those burdened by debt, by providing a legal
framework designed to alleviate the pressure and facilitate
a path towards a sustainable debt management plan.
The Breathing Space scheme, established under the Debt
Respite Scheme (Breathing Space Moratorium and Mental
Health Crisis Moratorium) Regulations 2020, offers
individuals in debt a period of protection from creditor
action. This protection aims to give them the opportunity
to seek advice, devise a repayment plan, and regain control
of their financial situation without the constant threat of
enforcement action by creditors.
How does it work?
Under the scheme, eligible individuals can apply for
a breathing space period, during which most forms
of creditor enforcement are temporarily halted. This
includes pausing demands for repayment, freezing interest
and charges on debts, and preventing the initiation or
progression of legal proceedings.
To cater for diverse needs of the individual the scheme
has the Standard Breathing Space and the Mental Health
Crisis Breathing Space.
During the breathing space period, individuals must seek
debt advice and work with a debt advisor to develop a
sustainable repayment plan tailored to their circumstances.
This plan aims to address the root causes of their financial
difficulties and facilitate a structured approach to clearing
their debts.
Who can apply?
To qualify for the Breathing Space scheme, individuals
must meet certain criteria, including being based in
England or Wales and owing qualifying debts. Notably,
debts such as student loans, fines resulting from criminal
convictions, and liabilities arising from family court
proceedings are not covered under the scheme.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 11
continues on page 12 >

INSOLVENCY
Individuals cannot apply for a breathing space if they
have received one within the past 12 months unless they
are experiencing a mental health crisis. This restriction
ensures that the scheme remains accessible to those who
genuinely need its support.
The Benefits of Breathing
Space
The Breathing Space scheme offers benefits to
individuals grappling with debt:
1. Protection from creditor action: During the breathing
space period, individuals are shielded from aggressive
creditor enforcement actions, providing them with
much-needed relief and the opportunity to focus on
resolving their financial issues.
2. Breathing Room to seek advice: By pausing creditor
demands and freezing interest and charges, the
scheme affords individuals the time and space to seek
professional debt advice and explore solutions for
managing their debts.
3. Structured debt repayment plan: Through
collaboration with debt advisors, individuals can
develop structured repayment plans tailored to their
financial circumstances, empowering them to take
proactive steps towards debt resolution.
4. Reduced stress and anxiety: The alleviation of creditor
pressure can reduce the stress and anxiety associated
with debt, enabling individuals to regain a sense of
control over their financial futures and improve their
overall well-being.
How creditors can assist
individuals
While the Breathing Space scheme provides crucial
protections for individuals in debt, creditors also play
a vital role in supporting those navigating financial
difficulties. Here are some ways creditors can assist
individuals in this situation:
1. Communication and understanding: Creditors
should maintain open lines of communication with
debtors and demonstrate empathy and understanding
towards their financial challenges.
2. Flexibility in repayment arrangements: Creditors can
explore flexible repayment options with debtors, such
as extending repayment periods, freezing interest, or
agreeing to reduced payments, to help ease the burden
of debt.
3. Referral to debt advice services: Creditors can
signpost debtors to reputable debt advice services,
ensuring they have access to the support and guidance
needed to address their financial issues effectively.
4. Compliance with Breathing Space Regulations: It
is essential for creditors to adhere to the regulations
outlined in the Breathing Space scheme, including
respecting the breathing space period and refraining
from taking prohibited enforcement actions.
Will creditors be notified that a Breathing Space scheme
application has been approved?
Creditors are notified of individuals entering a
breathing space scheme by the debt advisor assigned
to the case once an application has been approved. It
is the debt advisor’s responsibility to notify all relevant
creditors, informing them of the individual’s protected
status and the temporary halt on creditor enforcement
actions. Additionally, creditors are provided with
details regarding their obligations to ensure compliance
with the regulations.
Author: Alexandra Davies is a senior manager in the
business recovery team at accountancy firm, Menzies LLP.
THIS PROTECTION AIMS TO
GIVE THEM THE OPPORTUNITY
TO SEEK ADVICE, DEVISE
A REPAYMENT PLAN, AND
REGAIN CONTROL.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 12

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BNPL
NOW OR NEVER
What’s really going on with ‘buy now, pay later’?
BY STEVE KIELY
BUY now, pay later - a few little words
that tend to raise the blood pressure of
many in the commentary class: from
MPs to advice agencies and financial
journalists, ‘BNPL’ is often looked
down on as an unwelcome new aspect
of the UK’s financial landscape.
Liz Edwards, editor-in-chief at personal finance comparison
site, Finder.com, recently spoke for many in calling for
proper regulation: “There are millions of Brits turning to
buy now, pay later during a cost-of-living crisis, but it’s a
total lottery whether they can actually afford it – because
BNPL lenders don’t have to check before approving them,”
she said.
“Whether they’ll get the information they need, whether
they’ll be charged a late fee if they miss a payment, and
whether, if they can’t pay, the bailiffs will show up.
Consumers need the same protections in this sector that
they get with other types of credit – they need proper
information up front, such as what the deal is and what
happens if they miss a payment, and they need to be able to
complain to the Financial Ombudsman if things go wrong,
which currently, they can’t.”
Meanwhile, Labour MP Stella Creasy has regularly spoken
on the issue in Parliament: “A year since the Government’s
consultation on BNPL regulation closed, and four years
since Parliament and the regulator agreed that action was
needed, it is clear that the delay is being used to drive more
people into unsustainable debt.
“With customers unable to even go to the Financial
Ombudsman if something goes wrong, this unsecured form
of debt should not have been allowed to grow as it has, and
we are now seeing people already suffering during the costof-living
crisis paying the cost.”
Consumer action
The difficulty, of course, is that many consumers
appear simply not to agree. According to Finder.com’s
own research, half of adults in the UK (50 percent)
have used BNPL at some point, an estimated 26.4 million
people. Also, 14 percent of consumers started using
BNPL for the first time in 2023, approximately 7.7 million
people.
BNPL usage is particularly common among the younger
generations, as 69 percent of Millennials (aged 24-42) and
68 percent of Gen-Z (aged 18-23) have used it.
Purchases via BNPL services made up around seven percent,
or £22bn, of the UK’s e-commerce transaction value in 2023,
according to Boston Consulting Group. It expects BNPL’s
market share to grow by as much as 15 percent, or £45bn,
by 2028.
Despite these impressive figures, the industry was back in
the news recently after NatWest announced that it would
close its own BNPL offering from 7 May 2024.
Analysts believe that the levels of competition in the market
mean that it is hard to make an offering pay. Existing
players, such as Klarna, Clearpay, Laybuy, Payl8r, Openpay
and Splitit, have seen their market shares cut into by more
established finance names – particularly after the pandemic
pushed ever more consumers to shop online.
American Express was only the latest to join the UK market
in February this year, when it launched its ‘Plan It’ product,
allowing customers to pay off large credit card purchases
in instalments for a fixed monthly fee. This came after
HSBC UK launched a credit card instalment plan in 2021
with a monthly fee, while Virgin Money Slyce launched in
November 2022, with fees only for its nine- and 12-month
plans. Monzo’s Flex card is interest-free when repaying
within three months, but after that it charges interest on
payment plans up to 24 months.
Liam Evans, Director at consultancy Alvarez & Marsal,
says that the model hasn’t proven that it can be profitable:
“So, the large banks may have to accept that they won’t
make money from BNPL, but they will make money from
other areas.
“Years ago, big banks started to withdraw the types of credit
available to financially vulnerable people – for them, the
risk level was too high. So, they’re entering a space they
probably don’t want to be in, but they feel they have to
because customers are sticky, and they’ll provide profit
elsewhere.”
Government regulation
Government regulation would, no doubt, shake up the
sector again. After announcing plans to regulate BNPL
in 2021, the Government released a draft of new rules in
2023 but has yet to publish a response to the consultation
that followed, despite interest from the Financial Conduct
Authority (FCA).
The pressure is now starting to grow. Morgan Wild, Interim
Director of Policy at Citizens Advice, said recently: “Three
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 14

CREDIT MANAGEMENT
years on from the Government promising to regulate buy now,
pay later as a ‘matter of urgency’, this much-needed regulation
has ended up in the long grass.
“In that time, use has rocketed, and our front-line advisers are
now seeing three times as many people who need help to repay
their debts as a result. Many of them require emergency support,
like food bank vouchers, which is ringing alarm bells that lenders
are failing to protect people from the risk of unmanageable debt.”
In reality, however, many in the industry would welcome such
regulation. A spokesman for BNPL provider Zilch, which is
regulated in other areas by the FCA, said that because, when
properly regulated, BNPL was a “valuable and lower-cost
alternative to high-interest credit cards”, it was important that it
should be put on a firm regulatory footing. “It is time to regulate
to close the loophole,” he said.
Speaking up
Against a backdrop of negative headlines, many in the industry
are now starting to speak up and make the case for BNPL as
a legitimate and important part of the UK personal finance
market.
A spokesperson for Klarna supported the calls for regulation: “We
have a number of safeguards to protect consumers and ensure
they’re able to meet repayments, including robust eligibility
checks on each and every transaction and restricting our services
if there are missed payments, to stop debt building up. These
guard-rails clearly work as our loss rate is below one percent –
that’s between 30 and 40 percent lower than what you’d see on a
credit card.” Just 0.6 percent of Klarna transactions are referred
to debt collectors, who are not allowed to add interest.
Meanwhile, in October 2023, Clearpay published research
revealing surprising levels of satisfaction with BNPL products.
The ‘Economic Impact of Clearpay in the UK’ report, produced
in conjunction with Oxford Economics, highlighted how
BNPL helps mitigate financial stress as a driving factor for use.
Nearly four in five (78 percent) of respondents said that the
service helped them reduce the stress related to the cost of large
purchases, while a further two-thirds (65 percent) said that it
helped mitigate the stress associated with festive spending.
Respondents said that BNPL helped them reduce financial
worries, especially when compared to credit-card spending. In
total, 45 percent of BNPL customers surveyed perceived the tool
to be less stressful than credit-card borrowing, compared to just
10 percent who said they found credit cards the less stressful
option of the two.
Significantly, nearly four in five (78 percent) respondents said
they found BNPL cheaper than other credit payment options,
with a similar proportion (77 percent) indicating that it helped
them avoid high-interest credit-card debt. Ease of use and
transparency were also highlighted by respondents, with 86
percent able to anticipate payments correctly and four in five
(80 percent) indicating that they did not struggle to make their
payments.
Rich Bayer, Clearpay’s UK Country Manager, says that thanks
to BNPL, splitting a purchase over multiple payments no longer
has to come with the stress of high interest rates or the risk of
revolving debt: “It’s no surprise that it has now become a
preferred everyday payment option trusted by consumers from
all generations.”
Michael Linford, Chief Financial Officer of lender Affirm added:
“New innovations often face harsh pushback from incumbents.
When it’s well-informed and anchored in what’s right for the
consumer, this is generally a good thing. It serves as a valuable
testing ground that separates the wheat from the chaff,
protecting the end-user in the process. At just over a decade old,
the buy now, pay later industry is no stranger to this concept.
We’ve been tested time and time again, and we’re better for it.
“Consumers have continued to vote with their wallets for more
honest financial products like Affirm, and we’re happy to provide
them with the flexibility and transparency they want and need.”
Economic impact
Wherever you fall on the debates around BNPL, one reality
remains: its importance to the UK consumer economy. Clearpay’s
research found that, since August 2022, based on survey data,
it alone had contributed nearly £1bn in additional sales to its
UK merchants, as well as making them collective savings of
£100m through gains such as lower fraud rates, improved order
processing, inventory management, lower marketing costs,
lower default rates and lower returns.
Researchers also calculated that the incremental sales enabled
by Clearpay had supported 11,000 jobs throughout the UK in
that period. So, whatever the future holds for the BNPL sector,
one thing is for certain: It isn’t going to disappear any time soon.
Author: Steve Kiely is a freelance business writer .
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 15

LENDING
LOAN RIDER
The challenge of setting up as an alternative
lender in the UK.
BY STEPHEN MOLLER
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 16

CREDIT MANAGEMENT
THE days are long gone when
lending – and finance in general
– was the preserve of long
established banks. Now there is
a route to market for alternative
lenders. However, there are a
number of legal issues to consider
when setting up as an alternative lender.
Regulated or unregulated?
For our purposes, ‘alternative lender’ means any
business providing credit which is not regulated by
the Prudential Regulation Authority (PRA) as a
deposit taker.
And in this context, the question for any alternative
lender is whether its lending business will involve
a ‘regulated activity’ in the UK. If so, it will need
to be authorised and regulated by the Financial
Conduct Authority (FCA) and this will affect the
structure of the business.
It should be said that making a loan to a company for
its own business purposes does not in itself constitute
a regulated activity and therefore does not require
authorisation.
However, lending to individuals or otherwise
making credit available is a regulated activity unless
an exemption applies. The main exemption relied
upon by alternative lenders is the ‘business purpose
exemption’ where the loan is for more than £25,000
and is “entered into by the borrower wholly, or
predominantly, for the purposes of a business carried
on, or intended to be carried on, by the borrower.”
If the loan is secured against land, where at least 40
percent of which is used as a dwelling, it will also be
necessary to consider whether the loan is a ‘regulated
mortgage contract’; entering into regulated mortgage
contracts as a lender is also a regulated activity, as is
administrating a regulated mortgage contract. Again,
certain exemptions apply, and the main ones relied
upon are the investment property exemption and
the second charge business loan exemption. As for
buy-to-let businesses, there may be a requirement to
register with the FCA even if there is no requirement
to be authorised.
But where the alternative lender is not strictly
speaking lending, and is instead providing another
type of financial product to individuals, other
regulated activities may apply such as entering into
regulated consumer hire contracts or regulated home
reversion plans by way of business. Also, depending
upon the corporate structure of the alternative
lender's group, other group companies may also
be conducting regulated activities, for example,
administering a regulated mortgage contract, credit
broking or debt administration.
The Financial Services and Markets Act 2000 and
related secondary legislation are complicated, and
here a start-up alternative lender will need to take
legal advice. It is also an area that any external funder
providing debt or equity will test; to be credible,
the alternative lender will need to show that it has
undertaken a robust regulatory analysis.
Money laundering
With very limited exceptions, an alternative lender
will be categorised as a ‘financial institution’ under
the UK anti-money laundering (AML) regime and
therefore subject to its provisions. It will need
to register with the FCA as an Annex 1 financial
institution. The requirement to register applies to
all alternative lenders, even if the alternative lender's
business does not involve it carrying on regulated
activities which would require it to be authorised by
the FCA and/or PRA.
Amongst other things, this means that an alternative
lender must have appropriate systems and controls in
place to assess its exposure to money laundering and
terrorist financing risk and will need to undertake
satisfactory customer due diligence and keep
compliance records. The alternative lender will also
need to establish who within the organisation has
overall responsibility for compliance and ensure that
they are familiar with the detailed provisions of the
Money Laundering Regulations and the Proceeds of
Crime Act 2002.
Digital presence, intellectual property and privacy
like any other business with a website, an alternative
lender will need website terms and conditions, an
acceptable use policy, cookie consent management
tools and a privacy notice. The website must contain
prominent links to this information, ideally on
the home page. The privacy notice should take
into account the likely information requirements
of potential equity and debt funders. Additional
consideration will be required if the alternative
lender intends to transact business online.
A new alternative lender will also need to clear and
register its domain name with an appropriate registrar.
Any applicable trademarks should be registered with
the UK Intellectual Property Office and, where
appropriate, the EU Intellectual Property Office
and other overseas registries. A watch service may be
required to check for applications for registration by
third parties of similar marks.
The requirements of the UK GDPR will be an issue
and it is important to note that an alternative lender
will usually process personal data even if none of its
borrowers are individuals. It will need to implement
appropriate measures to ensure compliance with data
protection principles when processing personal data.
The alternative lender should also consider which
companies within its corporate group require a Data
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 17 continues on page 18 >

LENDING
Protection Officer (DPO) and, if applicable, register
the DPO with the Information Commissioner's
Office. Additionally, the alternative lender
should consider the grounds upon which it will
be permitted to share personal data relating to its
customers with its funders. A range of other privacy
considerations will apply.
Documenting loans
Each alternative lender will have its own standard
legal documentation for customer loans. This
is important for a number of reasons. For new
customers, it can form their first impression
of the alternative lender: if the standard legal
documentation is concise and easy to understand
with the key commercial terms in one place, that
first impression will be positive. Most alternative
lenders will use external firms of solicitors to
document their loans. And once an alternative
lender has reached critical mass, it will typically
have a number of firms of solicitors on its lending
panel and having standard documentation ensures
uniformity. It will also be a requirement of any
third party debt provider that all underlying
customer loans are originated using approved
standard documentation.
Loans secured on real estate, at the minimum will
include a loan agreement and a security document
such as a debenture or legal charge. Many will
also have other standard legal documents such
as personal guarantees, subordination and
intercreditor documents and, when dealing with
corporate customers, share security.
Institutional third-party debt providers will
almost always require legal due diligence on
standard documentation. The due diligence report
will cover issues such as the assignability of the
underlying customer loans, interest rate basis,
fees and default interest provisions, whether there
is any obligation to make further advances to the
underlying borrower, confidentiality provisions,
any contractual prohibitions which would restrict
the sharing of information with the funder, events
of default, exclusions against set-off and whether
customary covenants and representations are
included. For unregulated loans to individuals,
the report will comment on whether the
documentation includes appropriate declarations
from the underlying borrower in relation to the
business purpose exemption. If the loans are
intended to be consumer credit agreements or
regulated mortgage contracts, the report will
confirm whether the documentation complies with
regulatory requirements.
In addition to the standard legal documentation,
a third-party funder will also due diligence the
alternative lender's internal policies and procedures
dealing with underwriting criteria, know your
customer and AML and servicing including
enforcement.
Portfolio funding
Clearly, an alternative lender will need funding
to meet its operating costs in the same way as any
other business. In addition, the alternative lender
will also need funding for its loan pool.
There are many ways in which funding can be raised
and, in addition to considering the regulatory
implications of its lending activities, the alternative
lender will also have to understand the regulatory
implication of its proposed funding structure. For
example, if investors are providing equity funding
for the purpose of originating a loan portfolio, it will
be necessary to analyse whether those arrangements
give rise to a collective investment scheme or result
in the asset holding vehicle becoming an alternative
investment fund. If investors are providing debt
funding, it may be necessary to consider whether
the alternative lender is engaging in the regulated
activity of deposit taking. If securities are issued,
the issuer will need to consider whether there
is a requirement to issue a prospectus which is
compliant with the UK Prospectus Regulation and
ensure that any invitation to subscribe for securities
complies with the financial promotions regime.
If the structure involves the investors making
loans themselves, then the alternative lender
may be providing a P2P platform and therefore
undertaking the regulated activity of operating an
electronic system in relation to lending.
Funding lines
Funding lines for loan portfolios generally involve
the sale of the underlying loans to a special purpose
vehicle which acts as the issuer or borrower.
Alternatively, or in addition, the special purpose
vehicle may itself advance loans to the underlying
borrowers. The funding line will feature a
revolving period during which the facility can be
drawn to fund the purchase or origination of new
loans which will be followed by an amortisation
period. The credit agreement will contain a list of
eligibility criteria which determine which loans
can be funded and an advance rate applicable to
each eligible loan which will be used to calculate a
borrowing base for the facility. In addition to the
credit agreement and security documentation, the
documentation will include a servicing agreement
under which the alternative lender will administer
the pool and collect payment from the underlying
borrowers.
To the extent that the funding line involves the
provision of junior funding by a member of the
alternative lender's corporate group or by another
entity such as a third party mezzanine provider, it
will typically be a securitisation for the purpose
of the EU Securitisation Regulation and the
UK Securitisation Regulation. This means that
a material net economic interest of not less than
five percent must be maintained in the transaction
by the originator, sponsor or original lender in
accordance with Article 6. The transaction must
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 18

CREDIT MANAGEMENT
CLEARLY, AN
ALTERNATIVE
LENDER WILL NEED
FUNDING TO MEET
ITS OPERATING COSTS
IN THE SAME WAY AS
ANY OTHER BUSINESS.
IN ADDITION, THE
ALTERNATIVE LENDER
WILL ALSO NEED
FUNDING FOR ITS
LOAN POOL.
be notified to the FCA using the appropriate annex
of PRA/FCA – Private Securitisation Notification
Template and a transaction summary must be
produced for investors. Regular reports on the
underlying exposures under Article 7(1)(a) and
regular investor reports under Article 7(1)(e) will be
required; some alternative lenders will look for ways
in which to structure the transaction so that it falls
outside the EU Securitisation Regulation and the UK
Securitisation Regulation.
An alternative to entering into a funding line is
to enter into a future flow transaction where the
funder acquires the loan asset instead of financing
it. In this case, the role of the alternative lender is to
originate the asset and act as servicer, but it is the
funder which takes all of the risk and reward in the
asset. The alternative lender will advance monies to
the underlying borrower and then assign the loan to
a special purpose company controlled by the funder.
Some of the commercial issues to be negotiated
include the consequences of a loan being advanced
in breach of eligibility criteria, the extent of the
alternative lender’s liability and whether the funder
is obliged to purchase a loan which fits the eligibility
criteria or retains an ability to decline it.
Corporate structure
Lastly, corporate structure often consists of at least two
companies - an asset company to own the customer
loans and a servicer. Third party debt providers will
require the customer loans which they finance to be
legally segregated from customer loans financed by
other funders. Therefore, as the alternative lender's
business grows and it enters into funding lines with a
number of different funders, the corporate structure
may feature a number of different asset companies
and/or trusts, or use other techniques to achieve legal
segregation.
In addition to taking security over present and future
assets of their asset company borrowers, third party
debt providers will also often require a share charge
over the asset company's share capital. An alternative
lender group will therefore often feature one or more
companies to act as the direct parent of the asset
companies and provide the share charge. And if the
alternative lender is private equity backed, there will
also need to be a shareholders' agreement in place
between the private equity investment vehicle and
management or a company representing management
interests.
Other issues
Of course, there are a number of other issues to be
considered when setting up an alternative lender,
including employee incentives, tax, insurance
requirements, outsourcing arrangements and any
crossborder aspects. These need separate space to
outline and consider.
Author: Stephen Moller is a Partner, Derivatives &
Structured Finance at Fieldfisher.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 19

CICM MEMBER
EXCLUSIVE
CICM AGM
The tenth Annual General Meeting of the Chartered
Institute of Credit Management will be held on
Thursday, 20 June 2024 at The British Psychological
Society, 30 Tabernacle Street, London, EC2A 4UE at
13:00 (or at the rising of the Advisory Council from its
preceding meeting, whichever is later).
Your CICM lapel badge
demonstrates your commitment to
professionalism and best practice
TAKE PRIDE IN
WEARING YOUR
BADGE
If you haven’t received your badge
contact: cicmmembership@cicm.com
If you plan to attend, please advise via email to
governance@cicm.com as soon as you are able, and no
later than 13:00 on Wednesday, 19 June, 2024.
By order of the Executive Board
Sue Chapple FCICM, Chief Executive
To read the Notice, visit:
http://www.cicm.com/about-cicm/governance/
BRAVE / CURIOUS / RESILIENT
CICM Members’ Financial Support Fund is here
to support members of the CICM in times of need
The CICM Members' Financial Support Fund was
established to help members who are in conditions
of need, hardship or financial distress.
Some examples of how CICM has helped its
members are:
Financed the purchase of a mobility scooter for a
disabled member.
Any member, or former member, finding themselves
in difficult circumstances and requiring financial
assistance, please apply today – we are here to help.
Visit the Member Support page of the CICM
website, or email governance@cicm.com for more
information.
Urgently assisted a member in crisis to maintain an
essential financial commitment.
Helped finance the studies of the daughter of a
member who became unexpectedly ill.
Financed the purchase of computer equipment to
assist an unemployed member set up a business.
Contributed towards the purchase of an orthopedic
bed for one member whose condition was thereby
greatly eased.
Helped with payment for a drug, not available on
the NHS, for medical treatment of another member.
SCAN FOR FURTHER DETAILS...
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 20

ACCESSIBLE AND
ENGAGING HYBRID
COMMUNICATIONS
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personlised and accessible approach is needed to drive engagement and
response from your audiences.
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tailored approach to get the most from the communications you send.
Print and post helps you deliver:
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outbound communications for increased
response
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maximum engagement
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To find out how hybrid communications can
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www.cfh.com/cicm

CICMQ ROUND UP
QUALITY
CONTROL
Showcasing excellence in quality credit management
BY SEAN FEAST FCICM
IT has been a busy few months for the team
driving the Credit and Collections Industry
Accreditation for best practice (CICMQ).
Luke Sculthorp FCICM, Head of Strategic
Relationships, and the wider team including
CICM Head of Accreditation, Karen Tuffs
FCICM(Grad), have had the pleasure of
visiting several firms and presenting them with their
CICMQ certificates, celebrating success in maintaining
the highest standards in credit management.
Amari Metals achieved CICMQ re-accreditation at
the end of last year, having embarked on their first
journey to quality excellence in 2017. Its Credit Centre,
comprising 27 members based in Bolton, Greater
Manchester, plays a vital role in credit risk assessment,
management, and cash collection. Their collaboration
with Service Centre Managers across the UK ensures
alignment with strategic goals focused on maximising
returns and profitability.
The recent renewal assessment conducted by Kevin
Artlett FCICM highlighted the team’s strengths in
key areas: people management, strategic planning, and
stakeholder collaboration. These attributes, alongside
a vibrant team culture, mutual respect, and effective
communication channels, led to the team's recognition
with a ‘Good’ grade, signalling progress towards
top-tier performance.
Internal stakeholders, including Graham Pollitt,
AALCO Metals Regional Director (Operations),
expressed appreciation for the Credit Centre’s
contributions. He highlighted the team’s pivotal role in
the company’s success, emphasizing their drive, energy,
and shared vision.
Regular communication meetings, held weekly,
promote knowledge sharing, best practices, and
ongoing improvement. Pollitt recognised the
importance of learning and development, aligning
principles with business goals for sustained success.
The robust relationship between stakeholders and the
Credit Centre, founded on mutual support and shared
priorities, fosters a cohesive effort towards achieving
operational efficiency and increased profitability.
EFFECTIVE
COMMUNICATION
CHANNELS LED
TO THE TEAM'S
RECOGNITION
WITH A
‘GOOD’ GRADE,
SIGNALLING
PROGRESS.
If you would like to learn more about CICMQ and
how your team can be recognised for best practice visit:
https://www.cicm.com/learning-development/cicmq.html
or email: luke.sculthorp@cicm.com
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 22

CREDIT MANAGEMENT
Continual excellence
Completing a hat-trick of recent presentations is a
CICMQ Accreditation award for the fourth time to TD
Synnex UK, a leading distributor and solutions aggregator
for the IT ecosystem.
Collections Director, Gillian Dee FCICM and Credit
Services Director, Nick Tiltman FCICM were joined
by members of their Credit Collections and Credit
Services teams as well as Sales Operations Director
Cherry Etridge to celebrate the award of a ‘merit’ at their
Basingstoke office in April. CICM Head of Accreditation,
Karen Tuffs FCICM(Grad) accompanied by CICMQ
Assessor, Jon Swan FCICM and Nicola Herbert, CICM
Strategic Administrator, were given a warm welcome
and enjoyed sharing TD Synnex’s success story. Gillian
praised the team for their hard work and highlighted
how important it is to be seen as a department that is
committed to delivering high quality services and best
practice, as well as being recognised by the industry’s
professional body.
Each of these organisations and their people have
demonstrated all that is good about credit management
and allowing themselves to be benchmarked against the
best. EDF, Lonza, HSCNI, Npower and Hilti have similarly
put themselves forward for CICMQ accreditation and/
or re-accreditation, and their progress and success will
feature in a future issue.
department across the group, aligning credit-based
decisions with Saint-Gobain’s core values of Growth
and Impact, whilst tightly managing overdue debts and
improving working capital.
Distinctive quality
In an impressive showcase of dedication and expertise, the
Saint-Gobain credit team also recently secured a CICMQ
Best Practice Accreditation, achieving a rare ‘distinction’,
a testament to the team’s hard work and commitment.
Laura Brown MCICM(Grad), Head of Credit Control,
and Rosie Fitzsimons ACICM, Head of Credit Risk,
spearheaded the rigorous accreditation process. Their
leadership was described as ‘pivotal’ in guiding the team
to this prestigious recognition. Both have significantly
enhanced the visibility and respect of the credit
The achievement was celebrated at a special event
attended by key members of the Senior Management
team, including Mike Chaldecott, CEO UK&I, Amie
Tyers, Director of Finance Shared Service Centre, and
Richard Batley, HR Director. Amie Tyers delivered a
heartfelt speech that highlighted the team's spirit and
collaborative efforts. She praised the team for their
exemplary professional conduct and passion, which were
evident throughout the Discovery and Assessment stages
of the accreditation process.
The event not only recognised the credit team’s outstanding
performance but also reinforced the importance of
people, planning, and stakeholder management—three
critical attributes of a high-performing team that Saint-
Gobain exemplifies. This distinction places Saint-Gobain
at the forefront of credit management best practices, and
the team is encouraged to leverage this accredited status
by participating in CICMQ networking events. These
platforms offer invaluable opportunities for inspiration
and sharing knowledge that can further enhance the
department’s operations.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 23

REGULATIONS
BETTER NEVER
THAN LATE
Why new EU Regulation won’t solve the late payment issue.
BY SEAN FEAST FCICM
A
collective inward groan from
members of the Federation of
European Credit Managers’
Association (FECMA) has greeted
the announcement from the
European Parliament regarding
new Late Payment Regulation,
with the CICM Chief Executive Sue Chapple FCICM
declaring that it will do ‘very little’ in addressing the key
issue it is attempting to solve.
The Regulation, which will effectively make maximum
credit terms for all Government to Business transactions
30 days and a default of 30 days for all Business-to-Business
transactions (or 60 days if both parties mutually agree)
will have commercially restrictive implications “removing
the freedom of contract which has been the bedrock of
business for centuries,” Sue says.
“While we always welcome and support initiatives to
promote best practice and prompt payment, we are
opposed to measures which remove freedom of contract
and restrict the ability of seller and buyer to negotiate fair,
reasonable and mutually agreed terms,” she explains.
“We also would not like to see yet another level of
bureaucracy imposed on buyers and sellers in respect
of enforcement of this regulation and the costs that
may subsequently be involved.” The detail of the new
Regulation summarised by the Malta Association of
Credit Management (MACM) is as follows:
• In Government-to-Business Transactions the maximum
credit terms allowed shall be strictly 30 days. This should
help private companies to get paid promptly when
dealing with government authorities and should enhance
cash flow within the economy.
• In Business-to-Business Transactions the maximum
credit terms are stipulated at 60 days given that both
parties mutually agree. If the two parties do not enter
into an agreement, 30 days credit terms shall apply.
• For slow moving goods, seasonal products, and services,
and products that have long business life cycles, credit
terms up to a maximum of 120 days shall be allowed upon
mutual agreement between the two parties.
• In public procurement, sub-contractors in the supply
chain should also be paid on time by the contractors.
• In case of late payment, the creditor cannot waive the
interest rate of eight percent plus ECB rate.
• A minimum late payment penalty fee of €50 shall also be
charged to the debtor failing to pay on time.
• The creditor should not be prohibited to use factoring or
other third-party services in the management of cash flow
and collection of dues.
• Every member state should have an enforcement
authority to ensure that payment deadlines are strictly
adhered to.
While pleased that an earlier proposal for a ‘one size fits
all’ payment term was rejected, Josef Busuttil FCICM of
the MACM still has a number of concerns: “The freedom
of contract concept still being curtailed, and the industries
that would be able to extend up to 120 days are still to be
identified,” he says.
Josef noted that the European Commission is suggesting
other proactive initiatives to combat late payment such as
training in cash flow management and credit management:
“Trained employees would lead to good credit management
practices in the market which would help to secure sound
cash flow within the business community,” he adds.
Press conference
A Press Conference following the vote declared that the
new Regulation should help SMEs to get paid from their
debtors on time. A huge number (98 percent) of companies
registered in the EU, amounting to around 24 million
companies, are by definition SMEs. The primary concerns
of SMEs leaders across the EU market are bureaucracy
and late payment which hinder growth, restrict invest in
their businesses, and in some cases lead to insolvency and
bankruptcies.
Josef doubts the Regulation will have any such effect: “Very
often SMEs are themselves buyers and the Regulation
would apply to them equally,” Josef adds, “and businesses,
especially SMEs, may need to find alternative financing
which may be more expensive and cumbersome on the
operation of the business.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 24

CREDIT MANAGEMENT
IT’S A CLASSIC
EXAMPLE OF
THE EU TAKING A
SLEDGEHAMMER
TO CRACK A NUT,
AND CHOOSING
THE WRONG
SLEDGEHAMMER.
“The Regulation may impact negatively on the existing long
standing business relationships, businesses in temporary
financial strains would not find adequate assistance from
suppliers, and buyers may well find alternative suppliers
from outside the EU market.”
Sue Chapple agrees: “Late payment is always perceived
as being a problem between two businesses of different
sizes transacting, where one is bigger than the other and
calling all the shots. That’s just not the case. Commercial
relationships are often built on trust, and people buying
from people, so putting barriers in the way is not going to
help solve late payment. Fines already exit; interest on late
payment already exists; contracts of 30 days already exist
and yet the issue of late payment persists.”
Two-part solution
Sue believes the answer to resolving late payment is in two
parts: “Firstly, we need a cultural shift, such that treating
the supply chain fairly is seen as a Board level deliverable.
But it also means recognising that SMEs paying their SME
counterparts don’t always have comparable Boards or the
same reporting obligations as Listed Companies.
“This is where training is imperative, ensuring smaller
businesses understand the importance of paying
on time, and the benefits it can bring to growing a
business relationship. But it is similarly important
that they understand how best to get paid themselves.
Smaller firms are often great at innovating, designing,
making, producing and selling, but not so good on
the financial side of things, ensuring they get paid for
the goods and services they deliver. This is another part
of the jigsaw that this new regulation doesn’t seem to
address.”
Sue says she is disappointed that once again, the EU
has taken a shot at the late payment issue and missed:
“It’s a classic example of the EU taking a sledgehammer
to crack a nut, and choosing the wrong sledgehammer,”
she concludes.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 25

Doing what we do best
In conjunction with the Chartered Institute of Credit Management’s
Premium Partner, Hays, the professional body is on tour across the UK
to deliver thought-provoking insights on the hottest topics from industry
leaders across business sectors, exclusively for CICM Members.
We're going to be doing what we do best, providing learning and
development opportunities for passionate credit professionals who
strive to be the best at what they do, with a multiple-day event.
Where will we see you?
We're going to be all over the UK and Ireland, take a look at
the cities where you can join us:
17th September - Edinburgh
25th September - Leeds
26th September - Manchester
8th October - Birmingham
9th October - London
7th November – Dublin
TBC – Belfast
This won't be one to miss
Bookings will open for this event from May 1st 2024
and the agenda for Credit Fest will be shared soon.
We will be on tour across the UK & Ireland to unite the
Credit Management and Debt Collections Community in best practice and
to discuss the topics that are all on our minds such as recrument trends,
Fraud, AI, Credit Risk and more.

CICM CORPORATE PARTNERSHIP
CORPORATE
IDENTITY
The CICM welcomes three new
Corporate Partners.
THE Chartered Institute of
Credit Management (CICM)
has recently secured three new
Corporate Partners, giving
each of those partners an
opportunity to work with the
Institute and its members and
demonstrate their commitment to professionalism
and best practice in the credit industry.
Genius Software Solutions is renowned for its
expertise in clouded dialler solutions and thirdparty
debt recovery support, bringing extensive
experience and resources to the CICM Corporate
Partnership programme. With a focus on delivering
efficient and reliable solutions, Genius Software
Solutions empowers businesses to streamline their
debt recovery processes while ensuring compliance
and maximising recovery rates. Its team has
decades of operational experience in the debt and
BPO space.
Nicola Doherty, Business Development Director
of Genius Software Solutions, is most enthusiastic
about the programme: "Partnering with the CICM
marks a significant step for Genius Software
Solutions in contributing to the evolution of
credit management practices. We are dedicated
to leveraging our expertise to support businesses
in optimising their debt recovery strategies and
driving better outcomes."
Top Service, a leading specialist in credit
reporting and debt recovery solutions, seeks to
empower businesses to effectively manage their
credit portfolios while ensuring compliance and
mitigating risks. It is described as the only business
of its kind providing such a service specifically
to the construction industry, benefiting from a
community of more than 3,000 businesses who share
their payment experiences relating to whether they
have been paid on time, late or not at all.
Emma Reilly FCICM, CEO of Top Service, is
similarly excited about the partnership, describing
it as “an exciting opportunity” for Top Service
to contribute to the advancement of credit
management practices: “We are committed to
leveraging our expertise to support businesses in
navigating the complexities of credit reporting and
debt recovery," she says.
Renowned as a specialist in multi-channel hybrid
mail fulfilment, CFH is the third of the new
Corporate Partners to be announced, a firm
dedicated to supporting FCA-authorised firms
in the credit and collections sector. Leveraging
its expertise, CFH champions fair outcomes for
customers and facilitates compliant consumer duty
communication strategies.
Greg Holt, Group Head of Marketing at CFH,
said of the new agreement: “This partnership
underscores our commitment to advancing the
credit profession in tandem with a reputable
institution like CICM."
Luke Sculthorp FCICM, Head of Strategic
Relationships at CICM, added: ‘‘The CICM
welcomes all three businesses to our Corporate
Partners programme. They each of them through
their excellence and innovation align seamlessly
with CICM’s mission to promote best practice
in credit management and we look forward to
collaborating with them all to drive positive change
in the industry.’’
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 27

LEGISLATION
LIFE
ACCORDING TO…
Was the new Late Payment Regulation debate
a done-deal from the start?
BY ELLA V. BLUNTING
THIS Regulation first appeared on
European credit managers’ radars in
the late summer of 2023, though it was
not clear when my European colleagues
first got hold of the precise details.
I am sure that the FECMA President,
Ludo Theunissen, knew more than the rest of FECMA
Council early on, partly because he heads up the Belgian
Association (IvKM), and partly because as an academic he
sits close to the goings on in Brussels and the EU. He has also
been involved in work with the EU on a project known as
the EU Late Payments Observatory – this looks at payment
patterns and practices in the EU. In fact, I understand that
various UK and international credit managers (including
Josef Busuttil FCICM of the MACM) have in the past
contributed to this observatory by way of promoting
training, education and best practice in credit management.
As to why the FECMA Council did not become involved
sooner only became clearer after a meeting in Budapest in
November 2023.
Some weeks prior to the November Budapest Council
meeting, details of the Regulation were finally circulated.
and it was clear that this was going to be the hot topic at
that meeting, and so it proved to be. Ludo made it clear
that this was a done deal as far as the EU were concerned,
and though there were aspects that credit managers might
not have liked, it was too late to lobby. Delegates were told
they should advise their members of the steps they should
take when the Regulation went live. That was the beginning
of what I hear became a very lively, nay heated, debate, the
likes of which had not witnessed before at FECMA Council
meetings. Not even the run up to the Brexit referendum in
2016 and the subsequent departure of the UK from the EU
had generated quite so much angry discussion.
Regulation not a Directive
The first thing to say was that this is not a new Directive,
but a Regulation. This means in effect that the EU Directive
having been adopted into national law, the Regulation
would automatically be enshrined in national law and
not be the subject of any national parliamentary debate
or amendment. Only the EU Parliament could suggest or
recommend any amendments (more on that later).
When it was politely suggested that this new Regulation
might possibly be ignored by some countries, it was said in
no uncertain terms that breaking the law was not an option!
The legal status was not the major bone of contention for
the majority of FECMA Council members – it was the lack
of consultation with FECMA, national credit management
associations and the credit profession in general before
the EU launched into this. It transpired that they had
‘consulted widely with the European SME sector and their
representatives’, a consultation which by its very limited
target was bound to give the EU the answer they wanted.
By their own admission, previous Late Payment Directives
and Regulations by the EU had been ‘disappointing’ in
their outcomes – the payment situation has remained
largely as it was five, 10 or even 15 years ago and the SME
sector has been as vocal Europe-wide as they have always
been. Asking the SME sector if they wanted tougher rules
on payment is a bit like surveying the waiting room in A&E
to see if they would like to see more doctors and nurses.
As readers will be aware, the main features of the
Regulation, as originally issued, were a maximum 30-days
Terms on ALL B2B transactions with no negotiations
allowed on alternative longer terms, regardless of the
business sector. It also required every member state to set
up an Enforcement Authority to ensure strict adherence
to said payment terms. When Council members suggested
that the 30-day maximum rule was driving a coach and
horses through freedom of contract, Ludo said that the
previous 60-day maximum had already been in place
without anybody arguing the freedom of contract angle, so
the precedent had been set.
The suggestion that the new Regulation might be ignored by
some countries is amply illustrated by the fact that the 60-
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 28

CREDIT MANAGEMENT
course, but one does not have to be a psychic to be aware that the
Belgians and the French were happy to leave things alone and
that between November and April, those opposed needed to act.
Battle lines
Act they did. In the months twixt November and April, email
traffic was intense and leading the way were Malta, Italy, Poland
and Hungary and by the time of the MACM Conference on 18
April 2024 and the subsequent Council meeting on 19 April,
battle lines had been drawn up and respective Governments and
MEPs had been bombarded and ‘briefed’ on the real world of
credit management.
The MACM conference had included a panel discussion on the
Regulation, the panel made up of FECMA national associations
representatives and local Maltese businessfolk. I believe a French
delegate was also meant to take part but was ‘unavoidably
detained’.
day rule had been largely ignored! Two simple observations were
raised: firstly, does anyone in the EU understand the difference
between Payment Terms and Late Payment (60-days terms and
payment on 61 days – sorry, I know you know what I was getting
at); and secondly, has anyone considered the difference between
30-days strict and 30-days net? Concerns were also expressed
that as the SME sector is pretty much about 80% of all businesses
across Europe, it seemed that most SMEs deal with other SMEs,
so were they not to some extent shooting themselves in the foot
if unable to negotiate terms.
The FECMA Council appeared somewhat split: the French and
the Belgians were happy (and according to Ludo, so were the
Dutch), but the assault on the Regulation came strongly from
Malta, Hungary, Poland, Italy, Spain, Germany, Greece and
Sweden, strongly supported by the only non-EU representative
present. (As a matter of interest, by the way, Greece has still not
adopted the Directive itself into Greek law – so much for the
shooting down of the comment on regulations being ignored.)
There was some information, I understand, on how some
representative organisations were responding to the Regulation
– these included EuroCommerce, EuCER Council (retail
electrical trades) ICISA (Credit Insurance) and our friends
FEBIS and FENCA. Only FENCA were enthusiastic. It became
quite clear that in spite of the suggestion that it was too late to
lobby, it was agreed that the subject would take centre stage at
the next FECMA Council meeting (at that time scheduled for
April 2024 in Malta) and in the meantime national associations
were free to lobby and make noises with their own Governments
and their MEPs. The whole thing I believe was very amicable, of
Be that as it may, the conference was clear in its opposition to the
Regulation as it stood, and this was confirmed by the aforesaid
majority of Council members at the meeting the following day.
It was agreed that FECMA should issue a press release on the
subject but Ludo was again showing signs of reluctance. In any
event, it was known that amendments to the Regulation had
been tabled and that the EU Parliament would vote on 23 April.
That vote subsequently took place with 459 votes in favour, 96
against and 54 abstentions. The details were outlined in a press
release by MACM on 25 April and a FECMA webinar, hosted
by the Polish association (PICM) held on 16 May. The details of
the amended Regulation are detailed elsewhere, but suffice to
say that some exceptions to the 30-days strict have been agreed
but not specifically identified by industry or sector, and the
application of interest and penalty fee will be automatic with
no opt out allowed. There are concerns about the automatic
element combined with the proposed Enforcement Authorities.
As e-invoicing grows, are we entering a 1984 Big Brother scenario
with the Enforcement Authorities accessing our invoicing
systems and processes, I wonder?
At the time of going to press, we are still awaiting a press release
from Ludo on FECMA's position. That may take some time,
especially since it needs to be circulated to Council members
first. Ludo likes cohesion and unity, but this subject has shown
that there is a majority view which FECMA must reflect.
Even though the UK is not in the EU, our own SME sector may
well pick up the baton so we should be prepared. Our colleagues
in Europe value highly the support and cooperation of the UK
and CICM; FECMA was founded in 1986 on a UK initiative, so
it is important that we continue to seek common ground where
we can.
There is, however, a universal view from a united FECMA
council that the EU should put far more attention to front
end credit management in terms of awareness education and
training, staff support and customer service. All the attention to
sweeping up afterwards is a diversion which is costly, and in the
end ineffective. Law or not, many believe the Regulation will not
work, at least certainly not as intended.
Author: Ella V. Blunting is a freelance writer.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 29

Introducing our
CORPORATE PARTNERS
For further information and to discuss the opportunities of entering into a
Corporate Partnership with the CICM, please contact luke.sculthorp@cicm.com
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-tocash
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
Quadient AR by YayPay makes it easy for B2B
finance teams to stay ahead of accounts receivable
and get paid faster – from anywhere.
Integrating with your ERP, CRM, and billing
systems, YayPay presents your real-time data
through cloud-based dashboards. Automation
improves productivity by 3X and accelerates
collections by up to 34 percent. Predictive analytics
provide insight into payor behavior and an online
portal enables customers to access their accounts
and pay at any time.
T: +44 (0)7465 423 538
E: marketing@yaypay.com
W: www.quadient.com/en-gb/ar-automation
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 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
HighRadius provides a cloud-based Integrated
Receivable Platform, powered by machine learning
and AI. Our Technology empowers enterprise
organisations to reduce cycle time in the order-tocash
process and increase working capital availability
by automating receivables and payments processes
across credit, electronic billing and payment
processing, cash application, deductions, and
collections.
T: +44 (0) 203 997 9400
E: infoemea@highradius.com
W: www.highradius.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 cloudbased
omnichannel platform, Commpli.
T: +44 (0) 141 280 0275
E: sales@geniusssl.com
W: www.geniusssl.com
Tinubu Square is a trusted source of trade credit
intelligence for credit insurers and for corporate
customers. The company’s B2B Credit Risk
Intelligence solutions include the Tinubu Risk
Management Center, a cloud-based SaaS platform;
the Tinubu Credit Intelligence service and the
Tinubu Risk Analyst advisory service. Over 250
companies rely on Tinubu Square to protect their
greatest assets: customer receivables.
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com.
Building on our mature and hugely successful
product and world class support service, we are
re-imagining our risk awareness module in 2019 to
allow for hugely flexible automated worklists and
advanced visibility of areas of risk. Alongside full
integration with all credit scoring agencies (e.g.
Creditsafe), this makes Credica a single port-of-call
for analysis and automation. Impressive results
and ROI are inevitable for our customers that also
have an active input into our product development
and evolution.
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 30

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...
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
Court Enforcement Services is the market
leading and fastest growing High Court Enforcement
company. Since forming in 2014, we have managed
over 100,000 High Court Writs and recovered more
than £187 million for our clients, all debt fairly
collected. We help lawyers and creditors across all
sectors to recover unpaid CCJ’s sooner rather than
later. We achieve 39 percent early engagement
resulting in market-leading recovery rates. Our
multi-award-winning technology provides real-time
reporting 24/7.
T: 07759 122503
E: s.evans@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
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
With over 45 years of experience in supporting
organisations in the successful delivery of multichannel
communications, CFH are the innovative
and trusted partner for driving engagement and
achieving measurable results. Combining proven
expertise, the right accreditations and industry
driven communication solutions including Docmail
the leading hybrid mail solution, CFH have the
perfect blend of solutions to help you engage offline,
online or the perfect blend of the two.
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.
Invevo is a cloud-based platform specialising
in credit management and accounts receivable
process automation. It streamlines operational
tasks, offers in-depth analytics via dashboards,
and allows quick workflow adjustments at zero
cost. Integrated with existing systems like ERP
and CRM, Invevo serves as a single source for key
insights, helping you make data-driven decisions
to improve cash and operational performance.
T: 01761 416311
E: info@cfh.com
W: www.cfh.com
T: +44 1527 503990
E: membership@top-service.co.uk
W: www.top-service.co.uk
T: +44 7817 613 825
E: info@invevo.com
W: www.invevo.com
Key IVR provide a suite of products to assist companies
across Europe with credit management. The
service gives the end-user the means to make a
payment when and how they choose. Key IVR also
provides a state-of-the-art outbound platform
delivering automated messages by voice and SMS.
In a credit management environment, these services
are used to cost-effectively contact debtors and
connect them back into a contact centre or
automated payment line.
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
American Express® is a globally recognised
provider of business payment solutions, providing
flexible capabilities to help companies drive
growth. These solutions support buyers and
suppliers across the supply chain with working
capital and cashflow.
By creating an additional lever to help support
supplier/client relationships American Express is
proud to be an innovator in the business payments
space.
T: +44 (0)1273 696933
W: www.americanexpress.com
Shoosmiths’ highly experienced team will work
closely with credit teams to recover commercial
debts as quickly and cost effectively as possible.
We have an in depth knowledge of all areas of debt
recovery, including:
• Pre-litigation services to effect early recovery and
keep costs down • Litigation service • Insolvency
• Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to
relate to your goals, and adept at advising you on the
most effective way of achieving them.
T: 03700 86 3000
E: paula.swain@shoosmiths.co.uk
W: www.shoosmiths.co.uk
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 31

CAREERS
FIRST
IMPRESSIONS
COUNT
How candidates can judge a business
by its job application process.
BY NATASCHA WHITEHEAD FCICM
GETTING an authentic feel for an
organisation before accepting a job
offer is crucial, but it can be tough.
When assessing the appeal of a role,
we typically focus on factors such as
the pay, benefits package and flexible
working options. However, one less
obvious aspect is the application process which can be an
important indicator of what the organisation is like.
Our research findings reveal that half (50 percent) of
finance professionals have had a negative experience
during an interview process, and just under half (46
percent) have been deterred altogether from a prospective
employer because of it. Ultimately, many employers across
the sector are falling short when it comes to creating a
positive application process, and first impressions really
do count.
So, what are the red flags
to be aware of?
Here are the top five reasons finance professionals cited
for their negative experience during an interview process:
1. The interviewers were unprepared
Interviewers are at the forefront of the recruitment
process, so you’d expect them to be a positive representative
of their organisation. If the interviewer comes across as
professional, prepared, confident and competent, this
will reflect the company in a positive light. However,
unprepared interviewers are the top reason (42 percent)
why professionals working across the finance industry
had a poor interview experience.
Clearly interviewers can stand out for the wrong reasons.
Whilst the pressure is typically placed on interviewees
to be well prepared, it should work both ways. Consider
whether the interviewer asks well thought out questions, if
they’ve done their research by reviewing your application
so far, if they have your CV to hand and know who you
are and whether they can answer questions about the
organisation and about the role specifically.
2. The culture didn’t feel it would align with
my values
When applying for a new job, the importance of
assessing whether the culture is right for you should
not be underestimated. As our research shows, over a
third (39 percent) of finance professionals got a negative
impression about an organisation’s culture from the
application process – the second most cited reason for a
poor interview experience.
An organisation’s culture is comprised of many different
components including what the company stands for,
how they put their values into practice, whether they are
committed to the development of their staff, how they
recognise and reward employee achievements and the
overall working environment. You can ask about these
crucial factors to get a feel for the business and to assess
whether your morals are aligned with the organisation, as
this can often make or break a job opportunity.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 32

CREDIT MANAGEMENT
YOU CAN
STILL TELL
MUCH ABOUT
A BUSINESS
BY HOW
THEY TREAT
JOBSEEKERS
DURING THE
APPLICATION
PROCESS.
3. Communication was poor and the steps
involved were unclear
Many finance professionals (38 percent) who had a negative
interview experience believe the communication was at
fault, as well as a lack of clarity over the steps required
throughout the application process. Consider whether
you’re given the space to ask questions during the interview
and if the interviewer is transparent when answering your
queries. You should also have someone you can contact if
you have any questions during the process so you’re not in
the dark at any point.
Organisations ought to communicate what will happen
after each stage of the process so you’re clear on next steps
and whether you need to do anything on your side. Effective
communication ensures the process runs smoothly and is a
positive experience for everyone involved, so it’s certainly
worth reflecting on whether the employer ticks this box.
4. There was a lack of structure to the process
More than a third (36 percent) of professionals reported
a negative interview experience due to an unstructured
process. If the process lacks order, this sets a bad precedent
for how the business is run and raises concerns over whether
other processes lack structure and direction. A reputable
and savvy company will take the time to create an organised
application process, so anything less may well ring alarm
bells.
5. The process overall was too long and
cumbersome
Finally, just under a third (31 percent) of finance professionals
say the application process was longer than necessary and
took up too much of their time. The majority (73 percent)
of professionals think two interview rounds are acceptable
as part of the overall process, but some organisations keep
applicants on ice for up to five rounds.
Whilst the process could be lengthy because the employer
is thorough and has lots of applicants to get through, if a
prospective employer clearly respects your time throughout
the process, this sets a positive tone and implies that your
own time will be valued if you decide to work for the
organisation.
Final thoughts
Whilst it’s difficult to capture an accurate picture of a
company unless you’re working there, you can still tell much
about a business by how they treat jobseekers during the
application process. It’s important to pay attention to how
the process made you feel and what conclusions you can
draw about the organisation, and to factor this into your
all-important decision when contemplating a job offer.
Author: Natascha Whitehead is Senior Business Director
at Hays specialising in Credit Management
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 33

COUNTRY FOCUS
Tokyo is the capital city of Japan and one of the most populous cities in the
world, with a population of over 14 million residents as of 2023.[9] The Greater
Tokyo Area, which includes Tokyo and nearby six prefectures, is the most-populous
metropolitan area in the world, with 40.8 million residents as of 2023.
Turning Japanese
Where tradition meets technology in one of the
leading economies of the world.
JAPAN is a conundrum. An outwardly
highly developed country with a hightech
industry it has conquered the world
in less than eighty years to become the
third largest economy behind the US
and China, yet harmoniously it blends
the new with the ancient.
It’s quite possible to see someone slurping on a Starbucks
and simultaneously checking their smartphone — all the
while dressed in a kimono and wooden sandals.
But Japan has changed. Where once it could be described as
conservative, nationalistic and strongly based on tradition,
now it’s global in outlook, adaptable and technologyorientated
with a bias towards the west.
As to what Japan is known for, those with an eye on
military history would highlight the samurai and ninja as
well as more modern events such as the 1941 attack on Pearl
Harbour, kamikaze pilots and regrettably – thankfully -
the only two wartime nuclear detonations.
But looking at more civilised aspects of Japan, we need
to consider Mount Fuji – the photogenic symbol of the
country, geisha – performers of traditional Japanese arts,
origami paper folding, countless Shinto and Buddhist
temples and shrines, sushi and ramen, sumo wrestling
and importantly, sake – a traditional alcoholic drink of
which is it said that there are more than 10,000 variants.
Geography
Japan is not a singular landmass, but rather, a country of
five main islands - Hokkaido, Honshu, Kyushu, Shikoku,
and Okinawa – and 14,120 other smaller islands. Japan’s
nearest neighbours are the Koreas and China to the west,
Russia to the northwest and Taiwan to the southwest.
As for total area occupied, Japan is 62nd in the world
with 377,915 km2, just below Norway (386,224 km2) and
above Germany (357,581 km2). In comparison, the UK is
placed 78th with an area of 244,376 km2. Given that it
is an extensive island nation, its coastline is the world’s
sixth longest at 29,751 km. Long and thin it extends from
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 34

on Japan
20 to 45 degrees of north latitude and, depending on how it’s
measured, runs to around 3000km. Consequently, the climate
varies from, as the CIA Worldfact Book comments, “tropical
in south to cool temperate in north.”
Located on the north-western part of the Pacific Ring of Fire,
Japan sits on multiple tectonic plates and so is at risk from any
one of 111 active volcanoes, which according to Worldinfo have
erupted some 130 times over the last 1300 years. And then there
is the risk of earthquakes, which Nature.com says occur around
1500 times a year; the most notorious in recent years were the
1995 Great Hanshin earthquake which severely damaged the
city of Kobe, and the 2011 quake that caused disaster at the
Fukushima Daiichi nuclear power plant in Okuma, Fukushima.
Demographics
Given its mountainous topography, most of the population
lives on or around the coast, with nearly one third in or around
Tokyo on the central Kanto Plain. Ethnically speaking, Japan is
very cohesive with, the CIA Worldfact book reckons, Japanese
comprising 97.5 percent of the population, Chinese 0.6 percent,
Vietnamese 0.4 percent, South Koreans 0.3 percent, and other
1.2 percent (Filipinos, Brazilians, Nepalese, Indonesians,
Americans, and Taiwanese).
And of those expressing a religious affiliation, again, the CIA
states that 48.6 percent adhere to Shintoism, 46.4 percent to
Buddhism, 1.1 percent to Christianity and 4 percent are other.
The October 2023 population estimate from Statistics Bureau
of Japan is that Japan comprises some 123.9m souls, a figure
which is just on a par with that for 1990. The population grew
quickly from 1920 to 1940 (55.9m to 73.1m), grew quickly again
between 1945 and 1985 (71.9m to 121m), but thereafter stabilised
with a 2009 peak of 128.6m.
However, Japan’s population is ageing and is now a serious
concern. As NHK World reported in April 2024, the population
dropped for the 13th successive year. It wrote that “the number
of people aged 65 or older was 36,227,000, accounting for a
record 29.1 percent of the total population, up 0.1 percentage
point from the previous year. The number of those aged 75
or older also increased more than 710,000 and surpassed 20m
for the first time, accounting for a record 16.1 percent of the
total population. And the number of people below the age
of 15 was 14,173,000, accounting for 11.4 percent of the total
population - a record low.”
As for ratio of the sexes, the CIA details that, at birth, there
are 1.06 males to each female, from 0-14 years the ratio holds,
but from 15-64 years the ratio changes to 1.01 males to each
female, and from 65 years the ratio lowers to 0.79 males to
each female.
Japan
xMount Fuji an active
stratovolcano located on
the Japanese island of
Honshu, with a summit
elevation of 3,776.24 m
(12,389 ft 3 in). It is the
tallest mountain in Japan,
the second-highest volcano
located on an island in Asia
(after Mount Kerinci on
the Indonesian island of
Sumatra), and seventhhighest
peak of an island
on Earth.
Brave | Curious | Resilient / www.cicm.com /June 2024 / PAGE 35
continues on page 36 >

COUNTRY FOCUS
Infrastructure
Comment from EU Business in Japan in May
2022 noted that despite the challenges posed by
Japan’s diverse landscape, “the country has an
extensive transport and logistics network.” It
adds that, “Japan has a highly developed physical
infrastructure of roads, highways, railways,
subways, airports, harbours, warehouses and
telecommunications for the distribution of all
types of goods and services.”
However, the US International Trade
Administration reported in April 2023 that
Japan’s national infrastructure has problems.
It said that, “Japan’s national infrastructure is
ageing and in dire need of repair… the majority
of Japan’s highways, bridges, tunnels, dams, ports,
and railways were constructed in the 1960s/70s
when the country’s economy was growing rapidly.
Over the past decade there have been several
high-profile collapses of tunnels, dams, and water
ducts that led to fatalities, including a 2018 dam
collapse and a 2012 highway tunnel collapse. As of
2023, more than 730,000 bridges, 11,000 tunnels,
10,000 water gates, 470,000 meters of sewage pipe,
and 5,000 harbour quays are 50 years or older.”
Roads
Statista says that the road network in Japan is
more than 1.28m km long and includes thousands
of bridges and tunnels because of the mountainous
nature of the country and its many islands;
roads contribute to economic activity and are
indispensable for natural disaster relief.
The Ministry of Land, Infrastructure, Transport
and Tourism (MLIT) detailed that as of 2021 there
were 9000 km of national expressway, 55,900 km
of national highway, 129,800 km of prefectural
roads and 1.03m km of municipal roads. Given
that thousands of islands make up Japan, bridges
are essential, and, says the ministry, “cutting-edge
technologies are used to construct and maintain
long-span bridges that can withstand severe
weather and natural disasters.”
Rail
Japanesetrains.com says that Japan’s rail system
is “among the most advanced in the world, with
a total length of the train lines of 30,625 km. But
despite such an impressive number, the Japanese
rail system is very efficient and easy to navigate.”
Interestingly, Statista quotes the size of the
network as being lower, noting that in 2016
it was 27,950 km long, falling to 27,520 km in
2022 but rising to 27,600 km in 2023. It says that
“the closures of smaller local railway lines were
primarily the reason for this decrease. Large-sized
private passenger railway network grew slightly.”
As for freight, Mordor Intelligence says that
every day, on average, 737 freight trains run
across the nation. Some 425 of them are container
trains, and the remaining transport heavy cargo
in tankers and hoppers. It notes that Japanese
rail “transported over 39m metric tons of cargo
[last year - 2023] and… the railway system was
one of many transportation infrastructures that
significantly aided Japan's economic growth with
its effective transportation.”
Sea
Elsevier’s Transport Policy, in the May 2023
issue, commented that although the Japanese
government has implemented port reforms since
the 1990s, in response to declining international
competitiveness of Japan's container ports,
“Japanese ports have continued to decline, at least
in terms of containerised cargo handling volume.”
That said, Bansar China recorded that Japan has 22
special-purpose main ports, 106 major ports, and
892 local ports. Overall, container port throughput
averaged 20.2m Twenty-foot Equivalent Units
(TEU) between 2008 and 2019. The largest were,
according to Orbitshub.com, Tokyo (4.57m
TEU), Kobe (2.91m TEU), Nagoya (2.6m
TEU), Osaka (2.21m TEU), Hakata (1m
TEU), and Yokohama (172,000 TEU).
Air
Airport-authority.com lists 95-99
airports in Japan depending on the
source. Six carry more than 10m
passengers a year according to MLIT
data for 2021 – Haneda (50.4m), New
Chitose (15.2m), Fukuoka (14.8m),
Naha (13,7m), Narita International (13.7m) and
Osaka (11.5m). In comparison, London Heathrow
carried 19.4m in 2021.
It’s notable that Nikkei Asia wrote in September
2023, that faced with growing security concerns
in the region, and looking at potential military
use of civilian infrastructure, the government
selected 14 airports and 19 ports in 10 prefectures
as candidates for expansion.
Economy
Th
Japan’s post-war economy grew quickly. In 1960,
citing World Bank data, it was worth $44.31bn.
By 1970 it was worth $217.2bn, $1.129tn in 1980,
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 36

CREDIT MANAGEMENT
Sushi is a Japanese dish of prepared vinegared
rice, usually with some sugar and salt, plus a variety
of ingredients, such as vegetables, and any meat,
but most commonly seafood (often raw but can be
cooked). Styles of sushi and its presentation vary
widely, but the one key ingredient is "sushi rice",
also referred to as shari), or sumeshi .
$3.186tn in 1990. A peak came in 1995 with $5.546tn
but fell and it bobbed around until another peak
followed at $6.272tn in 2012. Since then, the economy
fell again and was worth $4.232tn in 2022. That’s nearly
30 years of no overall growth. In comparison, the US
has maintained steady growth from $543.3bn in 1960
to $25.44tn in 2022, with only a couple of little bumps
along the way.
On inflation, Trading Economics says that the inflation
rate in Japan increased to 2.8 percent in February from
2.2 percent in January 2024. It averaged 2.9 percent
from 1958 until 2024, reaching an all-time high of
24.9 percent in February 1974 and a record low of -2.5
percent in October 2009.
And when looking at unemployment, data from the
Statistical Bureau of Japan shows that between January
1953 to February 2024, there was an average rate of 2.5
percent with an all-time high of 5.5 percent in July 2009
and a record low of 1 percent in March 1970.
xKyoto is the capital city of Kyoto
Prefecture in the Kansai region of Japan’s
largest and most populous island of
Honshu. Kyoto is considered the cultural
capital of Japan and is a major tourist
destination. It is home to numerous
Buddhist temples, Shinto shrines, palaces
and gardens, some of which have been
designated collectively as a World
Heritage Site by UNESCO.
Market sectors
Agriculture and fishing
Japan’s agricultural sector accounted for about 1 percent
in 2021 of the total country's GDP (Statista) and 3.2
percent of the population (Santander Trade). Only 20
percent of land is suitable for cultivation.
Farming in Japan focuses on crop production,
with livestock farming only playing a minor role
in agricultural activities. Farmers use a system of
terraces to farm small areas and produce one of the
world's highest levels of crop yields per hectare. The
main agricultural crops are rice, corn, wheat, soybeans,
barley, peanuts, rapeseed, and oats.
Agroberichtenbuitenland.nl reckons that there 1.1m
commercial farms in Japan. The average is 26 hectares
in Hokkaido but 1.8 hectares in other prefectures; 80
percent are semi-business or side-business farms. Most
are family owned.
xFuji Photo Film Co., Ltd. was
established in 1934 as a subsidiary
of Daicel with the aim of producing
photographic films. Over the following
10 years, the company produced
photographic films, motion-picture films
and X-ray films. In the 1940s, Fuji Photo
entered the optical glasses, lenses and
equipment markets.
Once the world’s largest fishing nation, Japan is now
on the lower end of the top ten countries in the sector.
After the end of World War II, fishing expanded rapidly
to respond to food shortages. With little regulation,
trawlers took fish from the country’s own waters and
elsewhere, but with the implementation of exclusive
economic zones in the 1970s, Japan’s fishermen had
to exploit fish stocks in its own territories, resulting
in severe overfishing. The sector is shrinking and
Osakainfo thinks by 2025 it will be down 11.5 percent
year on year. Even so, as of 2020, Statista states that
while it may be in eighth place, Japan still landed
3.13m tons that year.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 37
continues on page 38 >

COUNTRY FOCUS
Industry
This sector encompasses many parts of Japan’s industrial
bases and Santander Trade says that Japan’s industrial sector
represents 28.8 percent of GDP and employs 24 percent of
the workforce. Steel produced 85.3m tons in 2018 in the
major cities Kobe, Osaka and Kitakyushu.
Shipbuilding may be down from its 1980s heyday but
Statista states that Japan is still one of the three leading
shipbuilding nations in the world today and is aiming to
be carbon neutral by 2050.
Biotech and pharmaceuticals are in the ascendancy.
Sphericalinsights.com believes that the sector is expected
to grow at a compound annual growth rate of 6.7 percent
between 2022 and 2030. The country's advanced healthcare
system and the rising need for improved medications
brought on by an ageing population are also driving the
sector.
Motor vehicle manufacturing has been hugely successful for
Japan and firms make vehicles, electric vehicles, electronics,
parts, tyres and engines. Tokyoesque says it is “the thirdlargest
automotive producing industry in the world, with
78 factories in 22 prefectures and employing over 5.5m
people. Automotive manufacturing makes up 89 percent
of the country’s largest manufacturing sector.”
Aerospace and Japanese military applications are growing
in importance. Statista says that it is worth trillions
of Japanese yen. Mordor Intelligence reckons that the
sector “is one of the largest in the world, with a strong
international reputation, particularly in the field of research
and development… Japanese companies have great potential
in the research and development of dual-use aerospace
defence technology.”
Japan has countless firms involved in electronics and
manufacturing. Its consumer electronics industry
experienced rapid economic growth in the 1950s and in the
decades that followed Japan concentrated on products such
as TVs, refrigerators, digital cameras, and DVD recorders
in the 2000s and robot vacuums and smartphones up to
the present day.
However, it has struggled to maintain its leading role in
various areas, such as televisions and PCs. Toshiba and Sanyo
sold off parts of their businesses and Sharp Corporation
was acquired by an overseas company. Currently, the focus
appears to have shifted to home appliances equipped with
Internet of Things technologies and artificial intelligence.
The services sector in Japan is considerable. As of April 2024,
Santander reckons that it accounts for around 69.9 percent
of GDP and employs over 73 percent of the workforce.
Dominating this sector are finance, insurance, and real
estate. Retail and wholesale trade also play significant
roles. Japan's hospitality and tourism industry attracts
millions of visitors annually (25m in 2023 or 79 percent
of pre-COVID level). Beyond this are healthcare and care
for the country's ageing population, as well as information
technology and digital services.
Summary
Japan may be in the doldrums but it’s still one of the
leading economies of the world. Highly advanced, with an
industrial and services base of note, it would be a mistake
to ignore Japan – especially as the UK is about to join the
Comprehensive and Progressive Agreement for Trans-
Pacific Partnership, a huge trade bloc in the region. (As
of 17 April £1 bought JPY 192.66.)
Author: Adam Bernstein is a freelance finance writer for
Credit Magazine.
The Shinkansen, commonly known in English as the bullet train, is a network of high-speed railway lines in Japan. Initially, it was built to connect distant Japanese
regions with Tokyo, the capital, to aid economic growth and development.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 38

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HR MATTERS
HOME BUT
NOT ALONE
The complexity of managing remote workers.
BY GARETH EDWARDS
IN recent years, the number of employees
working from home has increased
significantly as more employees have
looked to gain increased flexibility. With
the advancement of technology and the
global shift towards remote work during
the COVID-19 pandemic, organisations
across various industries have reviewed the way in
which their employees work.
All workers have the legal right to request flexible
working - which could include a request to work
remotely or from home. As the law previously stood,
workers must have worked for the same employer
for at least 26 weeks to be eligible. However, the
Employment Relations (Flexible Working) Act 2023
received Royal Assent on 20 July 2023 and made
changes to the right to request flexible working in
the UK from day one. The change came into effect
on 6 April 2024.
Under the Act employers are required to consider
any requests and provide a reason before rejection.
Workers are also entitled to make two statutory
requests in any 12-month period under the Act
rather than the former single request.
Whilst remote working comes with its advantages,
it also poses unique challenges that demand careful
management. As a result, it’s important that
employers understand that working from home
requires careful planning and supervision to ensure
both individual and organisational success.
Communication and
collaboration
One of the primary challenges of remote work
is maintaining effective communication and
collaboration amongst team members. In a traditional
office setting, colleagues can easily approach each
other for quick discussions, brainstorming sessions,
or problem-solving. However, remote working
arrangements will lead to any such discussions
taking place via digital means such as emails, chat
platforms, or video conferencing. Without proper
management of those channels, there is a risk of
miscommunication, delay, and misunderstandings.
In turn, this could lead to decreased productivity
and strained personal relationships.
To reduce these risks, organisations need to consider
appropriate communication tools, establish clear
guidelines for communication etiquette, and
encourage regular team meetings to foster a sense of
camaraderie and to keep everyone informed.
Work-life balance and
Health and Safety
The line between work and personal life can become
blurry when working from home. Without careful
management, employees may find it difficult to
switch off from work, leading to burnout and
reduced productivity. The lack of physical separation
between the workplace and home can make it
challenging for individuals to set boundaries and
allocate time for leisure, family life etc. Employees
have a statutory right to a 20-minute break if they
work more than six hours in a day.
To promote a healthy work-life balance, managers
must encourage employees to take breaks, establish
set working hours, and avoid expecting immediate
responses outside of those hours. Additionally,
providing resources for mental well-being should
be considered. Employers are responsible for their
employees' health, safety and wellbeing and this
will include when they work remotely. Employers
should risk assess the way in which its employees
work remotely as part of their health and safety
procedures.
Monitoring and
accountability
Managers may struggle to track the progress and
performance of remote employees without adequate
monitoring systems. Unlike in an office setting,
where supervisors can more easily observe employees'
activities, remote work may require alternative
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 40

CREDIT MANAGEMENT
methods for measuring productivity. Some organisations may
use project management tools that offer real-time updates, task
tracking, and performance analytics. Employers should consider
the data protection and privacy implications of using any such
tools or software. Data Protection Impact Assessments should
be put in place to consider any issues arising from the use of any
privacy intrusive software or management tool.
Maintaining workplace culture
Workplace culture plays a vital role in driving employee
engagement and motivation. In a remote work setting, where
face to face interactions are limited, preserving and nurturing the
culture becomes increasingly important. The absence of shared
office spaces can lead to feelings of isolation and detachment
from the organisation's values.
To help to maintain a strong workplace culture whilst remote
working, organisations should consider team-building activities,
promote transparent and inclusive communication, and
recognise and regularly reward employees' contributions.
Cybersecurity concerns
Remote working and working from home exposes both employees
and organisations to potential cybersecurity risks. Employees
may use personal devices with weaker security measures or work
on unsecured networks, making them vulnerable to cyberattacks.
This can lead to data breaches, compromising sensitive
information and damaging the organisation's reputation.
To mitigate cybersecurity risks, organisations should invest in
appropriate security measures, conduct regular training on best
practices for data protection, and enforce strict policies regarding
the handling of sensitive information. All organisations should
make sure that their policies and procedures, including data
protection policies, are up-to-date and reflect remote working
arrangements.
Training and skill development
Remote working could also potentially hinder traditional
methods of training and skill development, as in-person
workshops and seminars may no longer be feasible. Without
careful management, employees' professional growth and
development may stagnate, hindering their ability to adapt to
changing industry trends and advancements.
To address this challenge, organisations can embrace online
learning platforms, webinars, and virtual training sessions.
Offering personalised development plans and encouraging
employees to take charge of their learning can lead to a
more skilled and adaptable workforce. Employers should be
transparent about promotion and other opportunities to ensure
that employees who are working remotely understand what
opportunities might be available.
Conclusion
Remote working arrangements do create risk for employers.
Effective communication, work-life balance, monitoring and
accountability, company culture, cybersecurity, and training
are critical areas that require planning and adaptation by
organisations.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 41 continues on page 42 >

HR MATTERS
Working from
home statistics
A website, The Home Office Life, has curated data and
statistics, all referenced, on home working.
The site’s data shows that since the start of the pandemic
in March 2020 the number of people working from home
in the UK dramatically increased. Before then, working
from home was the exception, not the rule.
MORE DOING IT
Back in 1981 homeworking was relatively rare when only
1.5 percent of those in employment reported working
mainly at home, but by 2019 it had tripled to 4.7 percent.
But to show how much the landscape had changed,
the proportion reporting that they worked exclusively
at home rose from 5.7 percent of workers in January/
February 2020 to 43.1 percent in April 2020.
The pandemic changed things overnight so that by
April 2020, 46.6 percent of people in employment did
some work at home with women slightly more likely to
do some work at home than men, 47.5 percent and 45.7
percent respectively. Notably, 40 percent of respondents’
perceptions about working from home has substantially
improved but 5 percent of those respondents’ perceptions
have slightly worsened.
By May 2022, 78 percent of those who worked from home
in some capacity said that being able to work from home
gave them an improved work life balance, and 47 percent
workers recorded improved well-being from working
from home in some capacity.
WHILST REMOTE
WORKING
COMES WITH ITS
ADVANTAGES,
IT ALSO POSES
UNIQUE
CHALLENGES
THAT DEMAND
CAREFUL
MANAGEMENT.
But post-pandemic, 58 percent of workers preferred to
work in a hybrid model. Indeed, since September 2022,
there has been a surge in workers returning to their offices
in Central London and as of October 2022, the average
daily demand on the London Underground was about 82
percent of pre-pandemic levels while bus demand was
around 84 percent of pre-pandemic levels.
PRODUCTIVITY CHANGES
The site comments that it’s not clear how much working
from home improves the productivity of workers, but
those who’ve found remote working beneficial for their
productivity levels want to remain working from home in
the future; many also found that they’ve actually worked
longer hours because they’re at home.
Some 40.9 percent of homeworkers reported that they
were able to get as much work done in June 2020 as they
were six months earlier; 28.9 percent said that they got
more done, while 30.2 percent said that their productivity
had fallen; 65.5 percent of employees who reported that
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 42

CREDIT MANAGEMENT
they were able to produce much more per hour while
working at home in lockdown wanted to work mainly
at home in the future. And 30 percent reported an
increase in their hours whilst working from home.
MENTAL HEALTH
It’s been found that people are generally happier
working from home because it allows for more
flexibility, but there have been struggles when it comes
to communicating and collaborating with teammates.
The biggest struggle with working remotely is not
being able to disconnect, followed by difficulties with
collaboration and communication. The most named
benefit of working from home is flexible scheduling,
followed by the lack of a commute.
As expected, the popularity and success of working
from home differs depending on the type of work and
type of business, with those working in IT finding it
easiest to work from home, healthcare employees least
likely to work from home, and the larger the business,
the more likely it is that employees are working from
home full-time.
THE RISE OF VIDEOCONFERENCING
Along with the sudden rise of working from home, the
use of videoconferencing apps like Zoom and Microsoft
Teams has dramatically increased in the last few years.
In February 2020, there were just under 5m downloads
of the Zoom app (on iOS and Android) globally. By
March 2020, this had surged to 26.9m downloads.
With the onset of the pandemic, Zoom was by far
the most used videoconferencing platform compared
to similar counterparts, like MS Teams and WebEx.
Regardless, this led to the rise of the so-called ‘Zoom
fatigue’ - tiredness, worry, or burnout associated with
overusing virtual platforms of communication.
This fatigue results from video chat taking longer
for us to process non-verbal gestures. We often also
end up overcompensating for this with lots of overexaggerated
movements like nodding, shaking our
heads, waving and thumbs up. In real life, an individual
might be inclined to walk around during a conversation
but can’t do so when chatting on Zoom. And lots of
faces appearing to stare constantly is intense - and it
can even feel intimidating.
Author: Gareth Edwards is a partner in the employment
team at VWV.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 43

International Trade
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
Trouble in China for foreigners?
MONEYWEEK has highlighted a story in the
Economist that tells how foreign firms that
were once ‘desperate to get into China’,
including law and accountancy firms and
investment banks, are now shutting offices
and ‘pruning staff’.
The commentary thinks that this is
partly due to the poor state of the Chinese
economy where weak sales in China have
hit the earnings of large multinationals
such as Samsung, Apple and Tesla.
However, while President Xi Jinping and
the Communist Party are ‘keenly aware’
of these issues and publicly declared
their commitment to openness, Xi’s
goal of luring back foreign businesses
and investment runs is at odds with his
plans to decouple from the West, tighten
data regulations, and increase domestic
competition.
Western investors face trade-offs
and choices that may mean overcoming
obstacles at a price – that might be worth
paying – to ‘preserve access to China’s
vast market and manufacturing base’.
In the long run, only time will tell how
the story will play out. Will Xi scare off
investors, will the market return, or will
the West give up and look elsewhere for
business?
Rebuilding Ukraine
THE Department for Business and Trade
(DBT) is running programmes to assist UK
firms in rebuilding critical infrastructure
in Ukraine. Not unsurprisingly, Russia’s
attacks have severely damaged critical
infrastructure, including bridges, housing,
hospitals, and power plants. The World
Bank reckons that reconstruction costs
are expected to amount to $486bn over
the next decade and the DBT wants UK
businesses to undertake much of the work.
The DBT publishes a newsletter that
outlines the reconstruction work projects
with details on how to apply. It’s asking
interested firms to send an email to
UR@businessandtrade.gov.uk with a,
company or organisation name, contact
name role in the organisation, email
address, and sector expertise.
UK TRADE TALKS
WITH TURKEY
THE UK is talking to Turkey about
a ‘new, modernised trade deal
targeting the services sector’ which
will benefit British businesses.
According to the press release, ‘there
are huge opportunities as Turkey has
one of the fastest growing economies
in the OECD and is home to 85m
people.’
Trade between Turkey and the UK
was worth almost £26bn in 2022,
while UK goods exported to Turkey
in 2022 were valued at £6.7bn. The
hope is that a new trade deal will
replace one largely negotiated in the
1990s and further the UK’s services
sector. The Government reckons that
in 2020, 57,000 jobs were related to
exports to Turkey. The Government
also sees opportunities in transport,
engineering, financial services,
manufacturing, and tech that follow
from Turkey’s decarbonisation efforts
and significant investment in rail.
Allied to this, the UK Government has
published guidance on helping businesses
trade with Ukraine. It features details on
the challenges and opportunities, market
environment, logistical and operational
factors, businesses, and further support
available to UK businesses.
The guidance, Ukraine business guide:
helping UK businesses trade with Ukraine,
is on GOV.UK
The World Bank reckons
that reconstruction
costs are expected to
amount to $486bn over
the next decade.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 44

United Kingdom
businesses changing
supply chains
ACCORDING to a survey from Santander of
1,025 businesses with income of at least
£1m, global conflict is leading UK firms to
relocate their supply chains closer to home
in friendlier locations.
In particular, around 25 percent of
firms that have parts of their supply
chain located in China were looking to
restructure their production network away
from that economy. And with trouble
between Russia and Ukraine, and Israel
and Hamas it’s easy to see why regions
less exposed to geopolitical risks are
more appealing – ‘friendshoring’ reduces
the likelihood of supply-chain disruption
caused by conflicts or trade wars and so
de-risks the chance of raised production
costs or disruption.
Of course, while cheap and plentiful
labour in China has led to the West moving
manufacturing there it also lowered price
pressure. But bringing production closer
to home could change that dynamic.
Similarly, as the chance of a trade war
High LOW TREND
GBP-EUR 1.17629 1.15912 Up
GBP-USD 1.27581 1.23507 UP
GBP-CHF 1.16523 1.12642 UP
GBP-AUD 1.93091 1.8914 FLAT
GBP-CAD 1.7422 1.69272 UP
GBP-JPY 199.7 191.187 UP
Another trade war coming?
NIKKEI Asia thinks that if Donald Trump
wins the US presidential election in
November and goes ahead with his
proposed 60 percent tariff on all imports
from China and a 10 percent ‘universal
baseline’ tariff on goods from elsewhere,
he will stretch World Trade Organisation
(WTO) rules beyond ‘breaking point’.
Importantly, the publication thinks that it
would ‘eviscerate’ the principle of equality
‘so cherished’ by the WTO (Most Favoured
Nation status for all members); institutions
‘derive as much legitimacy from their
foundational assumptions, shared
philosophies and stakeholder buy-in as
they do from codified regulation.’
If Trump’s tariffs are implemented,
Nikkei Asia believes that major US trading
partners would retaliate, leading to the
‘most significant global trade war since
the 1930s.’ Countries unable to stomach
between the US and China grows –
especially if Donald Trump wins the
presidential election – there’s the chance
that the UK Government could tighten
restrictions on trade with China too.
That said, for the moment, the survey
found that some 30 percent of British
businesses think that they will raise output
over the next three years. Expectations
for income generated from exports have
doubled in the past two years, ‘suggesting
that UK businesses think that they will
increase their participation in international
markets after years of Brexit uncertainty.’
For the latest
exchange rates visit
www.currenciesdirect.com
or call 020 7874 9400
Currency Exchange Rates
This data was taken on 23rd May
and refers to the month previous
to/leading up to 22nd May 2024.
a trade war with the US will start forging
small trade deals with each other, leaving
a ‘patchwork of coerced agreements with
heavy mercantilist overtones’, with those
unwilling to meet Trump’s terms facing
‘mounting tariff walls’.
If Trump’s tariffs are
implemented, Nikkei
Asia believes that major
US trading partners
would retaliate, leading
to the ‘most significant
global trade war since
the 1930s.’
NEW OPEN GENERAL
EXPORT LICENCE
THE UK Government has published a
new open general export licence. The
licence allows the export of dual-use
items (with both a civilian and military
application) from the UK to EU member
states and the Channel Islands.
However, before it can be used,
exporting firms must register through
SPIRE, the Government’s online export
licensing system, stating where firms
will keep records of the exports or
transfers and where the Export Control
Joint Unit (ECJU) may inspect them.
Open General Export Licence Export
of Dual-Use items to EU Member
States is on GOV.UK.
BRITISH STEEL’S
CONTRACT FOR
EGYPTIAN RAIL PROJECT
BRITISH Steel has won a significant
multimillion-pound contract to supply
rail for a new railway project in North
Africa. The contract involves providing
approximately 9,500 tonnes of track,
manufactured in Scunthorpe, for
Egypt’s electrified mainline and freight
network that will run from the Red Sea
to the Mediterranean over a distance
of 410 miles and which will carry
passengers and freight.
The rail will be sent in two shipments
to Alexandria in April and June.
EXPORT CONTROL
TRAINING
THE Government’s Export Control
Joint Unit (ECJU) runs training events
on strategic export controls which
cater for companies of all sizes, from
the sole trader to the multinational.
Courses cover a wide range of
knowledge levels and offer various
ways to learn.
While courses carry a charge, they
are a clear route to keeping a firm out
of harm’s way. The detail on how to
sign up for courses is on GOV.UK under
Export control training.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 45

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EXCLUSIVE PAYMENT TRENDS
SNAKES
AND LADDERS
More ups and downs in the world of late payments.
BY ROB HOWARD
THE latest late payment statistics
highlight the very up and down nature,
and fluctuations of late payments.
After some positive progress last time
out, the latest figures show a mixed
bag. Some regions and sectors across
the UK and Ireland have performed
well with cuts to late payments, but unfortunately there
are more that are sliding back down the board. The average
Days Beyond Terms (DBT) across UK regions and sectors
increased by 0.9 and 1.5 days respectively. Across Irish
counties, the average DBT figure reduced by 2.2 days, while
the average sector figure increased by 1.2 days. Average
DBT across the four provinces of Ireland raised by 0.5 days.
Sector Spotlight
The UK sector standings can be split almost equally in
half, although leaning towards those going backwards,
with 10 sectors improving and 12 sectors seeing increases
to DBT. Of those on the up, the majority have made
only minor improvements, with eight of the 10 sectors
reducing their DBT by 1.0 day or less. A reduction of 1.5
days means the Entertainment sector moves to the top of
the standings with an overall DBT of 6.4 days. The Mining
and Quarrying sector isn’t too far behind, with a cut of
3.7 days taking its overall total to 8.0 days. Of those in
decline, the International Bodies sector, previously the
best performing sector, slides right down the standings
following an increase of 12.4 days, taking its overall DBT
to 16.8 days. A further increase of 9.0 days means the
Public Administration sector remains at the bottom of the
rankings with an overall DBT of 26.0 days.
Over in Ireland, things are similarly split, with eight sectors
improving, two seeing no change, and the remaining 10
sectors seeing increases to late payments. Of those going
backwards, the Public Administration sector, previously
joint-top of the standings with an overall DBT of zero
days, saw the biggest rise, with a significant increase of 26.0
days making it one of the bottom three worst performing
sectors in Ireland. The Entertainment sector took the
next biggest hit, with an increase of 8.7 days taking its
overall DBT to 9.6 days. Of those sectors on the up, the
Agriculture, Forestry and Fishing sector made the biggest
improvement, reducing its DBT by 9.0 days, to take its
overall total to 5.3 days. The Health & Social (-7.6 days)
and Education (-6.0 days) sectors also made positive steps
forward.
Regional Spotlight
On the surface, the UK regional data doesn’t look
good, with nine of the 11 regions seeing increases to late
payments, one region seeing no change to DBT, and just
one region improving. However, digging a little deeper, it’s
worth noting that the majority of the increases are minor,
with seven of the nine regions seeing increases of less than
1.0 day. London saw the biggest jump and is now the worst
performing UK region, with a rise of 4.4 days taking its
overall DBT to 14.9 days. Wales isn’t too far behind though,
with an increase of 3.5 days takings its overall DBT to 14.1
days.
In Ireland, there’s more of an even split, although once again
it’s a tale of two extremes. On the one hand, and focusing
on the positives, a number of counties made significant
reductions to their DBT. The county of Westmeath, for
example, sliced its DBT by a whopping 60.0 days, meaning
it now has an overall DBT of zero days. The counties of
Waterford (-23.0 days), Monaghan (-13.7 days) and Mayo
9-10.0 days) also made sizeable dents in their DBT. On
the other hand, 15 of the 26 Irish counties saw increases to
DBT. County Carlow saw the biggest rise, with a sizeable
increase of 21.0 days taking its overall DBT to 40.0 days,
making it the worst performing Irish county. Meanwhile, a
similarly large hit of 17.2 days means Longford has slid right
down the standings, now with an overall DBT of 22.8 days.
Across the four provinces of Ireland, three saw increases
(Connacht +1.9 days, Munster +1.5 days and Leinster (+0.5
days) to DBT. Ulster, the only province on the up, moves to
top of the standings, with a reduction of 2.1 days taking its
overall DBT to 5.4 days.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 47

*
STATISTICS
Data supplied by the Creditsafe Group
Top Five Prompter Payers
Region (UK) April 24 Changes from Mar 24
South West 10.1 0.4
Northern Ireland 10.6 -0.6
East Midlands 10.8 0.1
South East 10.8 0.6
West Midlands 11.2 0.3
Bottom Five Poorest Payers
Region (UK) April 24 Changes from Mar 24
London 14.9 4.4
Wales 14.1 3.5
Scotland 14 0.8
Yorkshire and Humberside 11.9 0
East Anglia 11.5 0.7
Getting worse
International Bodies 12.8
Public Administration 9
Professional and Scientific 5.9
Hospitality 3.2
Financial and Insurance 3
Health & Social 1.6
Business from Home 1.5
Construction 1.5
Transportation and Storage 1.5
Dormant 1.2
Top Five Prompter Payers
Sector (UK) April 24 Changes from Mar 24
Entertainment 6.4 -1.5
Water & Waste 7.7 -0.8
Mining and Quarrying 8 -3.7
Business from Home 8.5 1.5
Energy Supply 10 -0.1
Bottom Five Poorest Payers
Sector (UK) April 24 Changes from Mar 24
Public Administration 26 9
International Bodies 16.8 12.8
Professional and Scientific 15.7 5.9
Manufacturing 14.8 0.5
Business Admin & Support 12.9 -0.3
Other Service 0.7
Manufacturing 0.5
Getting better
Mining and Quarrying -3.7
Entertainment -1.5
Agriculture Forestry and Fishing -1
Wholesale and retail trade -0.9
Water & Waste -0.8
Education -0.7
IT and Comms -0.7
SCOTLAND
0.8 DBT
Real Estate -0.4
Business Admin & Support -0.3
NORTHERN
IRELAND
-0.6 DBT
SOUTH
WEST
0.4 DBT
WALES
3.5 DBT
NORTH
WEST
0.5 DBT
WEST
MIDLANDS
0.3 DBT
YORKSHIRE &
HUMBERSIDE
0 DBT
EAST
MIDLANDS
0.1 DBT
LONDON
4.4 DBT
SOUTH
EAST
0.6 DBT
EAST
ANGLIA
0.7 DBT
Energy Supply -0.1
Region
Getting Better – Getting Worse
-0.6
4.4
3.5
0.8
0.7
0.6
0.5
0.4
0.3
0.1
Northern Ireland
London
Wales
Scotland
East Anglia
South East
North West
South West
West Midlands
East Midlands
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 48

EXCLUSIVE PAYMENT TRENDS
Getting worse
CONNACHT
1.9 DBT
MONAGHAN
-13.2 DBT
ULSTER
-2.1 DBT
Public Administration 26
Entertainment 8.7
LEINSTER
-21.5 DBT
Professional and Scientific 5.2
MUNSTER
1.5 DBT
KERRY
1.6 DBT
LIMERICK
-7.7 DBT
CARLOW
21 DBT
WATERFORD
-23 DBT
WESTMEATH
-60 DBT
KILKENNY
7.2 DBT
WEXFORD
-8.5 DBT
LOUTH
0.2 DBT
WICKLOW
-2.3 DBT
Hospitality 4.3
Wholesale and retail trade 4.1
Manufacturing 3
Energy Supply 1.8
Other Service 0.7
Mining and Quarrying 0.6
Real Estate 0.4
Top Five Prompter Payers – Ireland
Region Apr 24 Changes from Mar 24
Education 0 -6.3
International Bodies 0 0
Financial and Insurance 1.8 -0.1
IT and Comms 3 -1.8
Health & Social 4.2 -7.6
Bottom Five Poorest Payers – Ireland
Region Apr 24 Changes from Mar 24
Business Admin & Support 29.6 -2.3
Energy Supply 27.5 1.8
Public Administration 26 26
Real Estate 16.6 0.4
Mining and Quarrying 15.0 0.6
Getting better
Agriculture, Forestry and Fishing -9
Health & Social -7.6
Education -6.3
Construction -2.5
Business Admin & Support -2.3
IT and Comms -1.8
Top Four Prompter Payers – Irish Provinces
Region Apr 24 Changes from Mar 24
Ulster 5.4 -2.1
Munster 7.1 1.5
Connacht 11.2 1.9
Leinster 11.2 0.5
Transportation and Storage -0.6
Financial and Insurance -0.1
Top Five Prompter Payers – Ireland
Sector Apr 24 Changes from Mar 24
Monaghan 0 -13.7
Waterford 0 -23
Westmeath 0 -60
Offaly 2 -2.7
Kerry 3.1 1.6
Nothing changed
International Bodies 0
Water & Waste 0
Bottom Five Poorest Payers – Ireland
Sector Apr 24 Changes from Mar 24
Carlow 40 21
Wexford 27.9 -8.5
Longford 22.8 17.2
Kilkenny 22.5 7.2
Louth 22.4 0.2
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 49

YOUR
LIFELONG
PARTNER
IN CREDIT
Hear from an expert
Hays consultant on finding
the perfect organisational
and candidate fit
Working for Hays, I have been fortunate enough to
recruit within the credit sector for over 15 years.
There are many parts of my role that I enjoy however
a couple really stand out. One is building lifelong
partnerships with my candidates and clients, and
the other is being deeply embedded in the credit
management industry, working in corporate partnership
with the CICM. The story of the Kohler Uninterruptible
Power (‘KUP’) UK credit team is one that embodies
everything I love about my job!
Hays began working with the Hampshire-based supplier
of best-in-class solutions for total power protection in
January 2016 where we were tasked with recruiting
interim support within the UK credit team.
With a strong market share within the UK, KUP have
seen continuous organic growth, powered by innovative
product lines and market diversification; lending itself
to an ongoing credit team expansion.
MEET ED
• Impressive skillset covering all aspects of the
order to cash cycle.
• CICM Level 3 accreditation.
• Searching for the perfect new permanent role;
however, agreed that a temporary opportunity could
fill this gap in the meantime.
Ed joined KUP on a temporary basis in January 2016,
however, was quickly made permanent in May of the
same year, in light of departmental changes, as well as
his positive impact on the department.
Ed is now the Credit & Commercial Manager at KUP
and we have had the privilege of recruiting for his team
on an ongoing basis.
hays.co.uk/credit-control-jobs
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 50

MEET ALEX
• Already working in a credit control position
for a publishing business.
• CICM Level 3 qualification almost complete.
• Although he enjoyed his current role, he felt
under-challenged, had no clear career path
and had nowhere to progress to.
• Wanted a new role that would expose him to other
areas of credit, based within a supportive organisation
that would allow him to continue his studies.
It was a perfect match – Ed wanted someone
progressive to join the business as he felt that this role
would eventually become a team leader position.
This did eventuate – initially focusing on collections,
Alex’s role has now developed to focus on order control
and credit analysis. He has learnt how to read and
interpret customer financials, analyse payment trends
and also review non-financial data. Currently studying
the “Advanced Credit Risk” module of the CICM level
5 qualification, he has been able to put his theoretic
knowledge into practice daily.
With Alex’s progression within the team, Ed took the
opportunity to assess the department, needs of the
business and at what level to recruit another new team
member. He decided an entry level employee would be
a good fit.
MEET SCOTT
• Four years of customer service experience.
• Well versed in having tough conversations and finding
solutions in challenging circumstances.
• Looking for a new challenge and a role that would
offer him a career, not just ‘another job’.
• After being approached by Hays and educated about
a potential career in credit, he felt his skills could be
a good fit for the progressive role offered at KUP.
Fast forward to present day, Scott has now been
employed with KUP for a year and is happy to be
developing his credit skills in the workplace but also to
be given the time to continue his studies.
Scott is fully embedded in the world of credit and
says he sees a defined career path. After successfully
completing his probation, Scott began his Level 3 CICM
studies. Having no finance background, he says the first
module “Intro to Credit Management” was invaluable and
gave him an excellent knowledge base. Now studying
“Accounting Principles” he is grateful for the support of
his online tutor, Mary Delahunty, as the content starts to
get more challenging.
Alex has also enjoyed training and managing Scott,
giving him the opportunity to work on his leadership skills
and continue his development journey.
I have come away with many learnings from this
experience. Firstly, the importance of the credit function
within a business – the credit team at KUP have worked
hard to build relationships and gain respect from
other internal departments. They work closely with the
sales, operations, and project teams, attending various
meetings in person to discuss issues, work collaboratively
to find solutions, and ultimately to support the business in
delivering its strategic plan. The finance and sales teams
trust their judgment, the credit limits they set are adhered
to and if they hold orders, they remain on hold until the
account is brought back to terms. The credit team work
hard to minimise the risk to the business by knowing their
customers and completing in-depth risk assessment.
Secondly, how key it is to foster a brilliant culture within
the team. Everyone in the KUP credit team has a career
path and is being upskilled, both in the workplace and
through CICM training and qualifications. They have
a sense of belonging and are all proud to work in a
department that is very good at what they do. Recruiting
at different levels has also meant that the team has a
great balance, and succession planning is taken care of.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 51
I look forward to continuing to partner with Ed and the
KUP team for many years to come.
At Hays, we pride ourselves on being lifelong partners to
both candidates and organisations. Having decades of
market experience and the depth of knowledge achieved
through our market-leading research and resources, we
know what can make the perfect match at the right time.
To find out more, visit our website or contact
Natascha Whitehead, Credit Management UK Lead
at Hays on 07770 786 433.
© Copyright Hays plc 2024. CM-00193

ENFORCEMENT
PUBLIC IMAGE
The public supports a fair and effective enforcement
system – that means it must be properly funded.
BY ALAN J. SMITH FCICM
VULNERABLE DEBTORS REMAIN
PROPERLY SUPPORTED AND
CREDITORS RECEIVE THE FULL
AMOUNT OWED TO THEM.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 52

CREDIT MANAGEMENT
FAIR and effective enforcement has
strong support from the public.
That’s the headline from our first ever
public perception survey looking at
how enforcement and enforcement
agents are viewed across England and
Wales.
The challenge for policymakers and civil servants is to
make sure that enforcement is funded properly to meet
the expectations of the public. At a time when we’re still
awaiting the implementation of a first fee increase in
ten years, with the strong likelihood of system and/or
fee structure reform to go alongside it, we’re at a critical
point for the profession.
The data and the feedback from the research, which
involved a representative sample of 2,000 people across
England and Wales, is striking.
Strong support for
enforcement as part of the
judicial system
• 83 percent agreed or strongly agreed that fair and
effective enforcement is a necessary part of the justice
system.
• Almost 80 percent of respondents said that people and
businesses who are owed money should be able to use
a regulated enforcement system to recover debt from
those who haven’t paid.
• 72 percent thought unpaid debt would increase
without fair and effective enforcement.
Fairness to all involved
As well as supporting fair and effective enforcement, an
equally significant principle that shone through from
the research findings is that fairness to debtors and
creditors alike is important to the general public.
Vulnerability considerations, repayment plans and the
ability for creditors to reclaim the amount owed in full
are all seen as important.
• 89 percent think it’s important that there are clear
rules and regulations in place to protect vulnerable
people and that repayment plans are offered to debtors
who can’t afford to pay their debts.
• 82 percent think it’s important that the person or
business owed money should receive the full amount on
their court order.
Confidence in the system can
be improved
While most people expressed confidence in ‘the judicial
system’ to set, and enforcement agents to follow, the
appropriate rules – there was a minority who don’t.
• 69 percent of the public agreed there are rules and
regulations in place to govern how enforcement agents
operate.
• 61 percent trust enforcement agents to follow the law
while carrying out their work.
Transparency and greater education to dispel
misconceptions and bolster public trust in enforcement
processes must continue to be part of our mission
moving forward.
Today, as a matter of course, High Court Enforcement
Officers (HCEOs) follow strict best practice and
National Standards to ensure vulnerable people are
adequately supported through the enforcement process.
Moving forward, the profession has a key role to play
in supporting the Ministry of Justice (MoJ) and the
Enforcement Conduct Board (ECB) as they work to
shape the future of the profession and ensure that we
collectively meet the public’s expectations.
Next steps from Government
There are three steps government can take
quickly to make this happen:
1) Implement its own recommended five percent increase
in enforcement fees. This was proposed in summer
last year, and whilst it hardly scratches the surface of
rising costs since fees were set in 2014, at the time of
writing we’re still waiting for an implementation date
for what will be a first fee increase in ten years.
2) Set up and deliver a regular fee review mechanism
linked to inflation. The MoJ recognised the need for
this last year so we’re hopeful it will be introduced
soon.
3) Ensure any further reforms to the enforcement system
proposed after last year’s wide-ranging consultation
are carefully considered and properly funded. The five
percent fee increase addresses a historical challenge,
but it doesn’t create a ‘fighting fund’ to tackle new
challenges.
We’ve shared our data with both organisations and the
enforcement profession is ready and willing to work
with government on the proposed reforms.
The good news is that there is agreement around shared
outcomes that everyone, including the public, wants i.e.
that vulnerable debtors remain properly supported and
creditors receive the full amount owed to them.
For information, or to view the full survey results, visit
https://www.hceoa.org.uk/campaigns/understandingpublic-opinion.
Author: Alan J. Smith FCICM is Chair of the
High Court Enforcement Officers Association (HCEOA)
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 53

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MANCHESTER 0161 523 5585
THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB
www.portfoliocreditcontrol.com
recruitment@portfoliocreditcontrol.com

.
MEMBERSHIP AND ACHIEVEMENTS
Do you know someone
who would benefit from
CICM membership?
Or have you considered applying to upgrade your membership? See our website
www.cicm.com/membership-types for more information, or call us on 01780 722903
NEW AND UPGRADED MEMBERS
Clare Thompson (FCICM) Tessa Stephens (FCICM)
Asiri Hall (MCICM) Andrew Willey (MCICM) Rob Casey (MCICM) Ushan Kumara (MCICM)
Richard Brailsford (ACICM)
FCICM
MCICM
ASSOCIATE
AWARDING BODY
Congratulations to the following, who successfully achieved Diplomas
Level 3 Diploma in Credit & Collections (ACICM(Dip))
Alison Andrews
Marta Campo Najera
Sarah Mitchell
Matthew Walmsley
Ryan Weir
Sacha Whalley
Elisa Rojas Boscari
Nikola Swift
Roy Ortiz
Level 3 Diploma in Credit & Collections
Jason Hill
Shaikhul Amin
Susannah-Louise Aston
Hannah Bottoms
Philippa Cassidy
Level 5 Diploma in Credit & Collections Management MCICM (Grad)
Scott Offord Stacey Studholme Abbie Carter Jonathan Callow
Antoinette Snyman
Level 5 Diploma in Credit & Collections Management
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 55

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
COLLECTIONS LEGAL
CREDIT DATA AND ANALYTICS
Controlaccount
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
T: 01527 386 610
E: sales@controlaccount.com
W: www.controlaccount.com
Controlaccount has been providing efficient, effective, and
ethical pre-legal debt recovery for over forty years. We help
our clients to improve internal processes and increase cash
flow, whilst protecting customer relationships and established
reputations. We have long-standing partnerships with leading,
global brand names, SMEs and not for profits. We recover
over 40,000 overdue invoices each month, domestically
and internationally, on a no collect, no fee arrangement.
Other services include credit control and dunning services,
international and domestic trace and legal recoveries. All our
clients have full transparency on any accounts placed with us
through our market leading cloud-based management portal,
ClientWeb.
Guildways
T: +44 3333 409000
E: info@guildways.com
W: www.guildways.com
Guildways is a UK & International debt collection specialist with over
25 years experience. Guildways prides itself on operating to the
highest ethical standards and professional service levels. We are
experienced in collecting B2B and B2C debts. Our service includes:
• A complete No collection, No Fee commission based service
• 10% plus VAT commission for UK debts
• Commission from 22% plus VAT for International debts
• 24/7 online access to your cases through our CaseManager portal
• Direct online account-to-account payments, to speed up
collections and minimise costs
If you are unable to locate your customer, we also offer a no trace,
no fee, trace and collect service.
For more information, visit: www.guildways.com
MIL Collections Ltd.
Palace Building, Quay Street, Truro,TR1 2HE
M: 07961578739 E: GaryL@milcollections.co.uk
W: www.milai.co.uk
From our dedicated office in Truro, Cornwall, our team of over
50 staff work tirelessly to ensure our clients expectations are not
just met but exceeded.
We offer clients an experienced, dedicated and regulated
collection service. From small sundry invoices through to
complex property cases and overseas jurisdictions we can
help our clients recover what is due to them in a fair and timely
manner.
Added to the ISO certification, MIL is a pioneer bringing AI
to the collections world with a platform dedicated to ensure
customers are treated fairly and clients work is managed
effectively.
Lovetts Solicitors
Lovetts, Bramley House, The Guildway,
Old Portsmouth Road,
Guildford, Surrey, GU3 1LR
T: 01483 347001
E: info@lovetts.co.uk
W: www.lovetts.co.uk
With more than 25yrs experience in UK & international business
debt collection and recovery, Lovetts Solicitors collects £40m+
every 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, one of the UK's leading Credit
Report companies, has helped thousands of business customers
minimise their bad debt. Our data is compiled and constantly
updated from various prominent UK and international suppliers,
encompassing 235 countries, so our clients can access the latest
information in an easy-to-read report. Our product and service
solutions are tailored to meet our clients' needs, including marketleading
Dual Reports and integrated XML solutions, monitoring,
and our D.N.A. Credit Risk Management tool that reduce
costs and boost cashflow.Since 2014, we have been finalists
and winners of Small Business and Credit Awards. Our clients
appreciate our involvement in their customer journey, resulting in a
99% client retention rate.
DataTrace UK
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
T: 01527 386 626
E: info@datatraceuk.com
W: www.datatraceuk.com
DataTrace is recognised as one of the leading trace agencies in
the UK. Our client portfolio includes leading debt collection and
enforcement firms, utilities companies, housing associations,
law practices and universities. Providers of volume electronic
trace services, enhanced desktop tracing, employment and
international tracing, propensity to pay reporting, address and
telephone appending, and pre-litigation reports. We can build
a bespoke workflow to meet your data needs. All our data is
validated and priced competitively.
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
The only credit information and debt recovery service provider
specifically for the UK construction industry. Our payment
experiences are the most up to date credit information available
and enable construction businesses to confidently assess credit
risk & make the best, most informed credit decisions. Coupled
with our range of effective debt recovery solutions, quite simply
our members stay one step ahead & experience less debt &
more cash.
CREDIT MANAGEMENT SOFTWARE
HighRadius
T: +44 (0) 203 997 9400
E: infoemea@highradius.com
W: www.highradius.com
HighRadius provides a cloud-based Integrated Receivable
Platform, powered by machine learning and AI. Our Technology
empowers enterprise organisations to reduce cycle time
in the order-to-cash process and increase working capital
availability by automating receivables and payments processes
across credit, electronic billing and payment processing, cash
application, deductions, and collections.
Tinubu Square UK
Holland House, 4 Bury Street,
London EC3A 5AW
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com
Founded in 2000, Tinubu Square is a software vendor, enabler
of the Credit Insurance, Surety and Trade Finance digital
transformation.
Tinubu Square enables organizations across the world to
significantly reduce their exposure to risk and their financial,
operational and technical costs with best-in-class technology
solutions and services. Tinubu Square provides SaaS
solutions and services to different businesses including credit
insurers, receivables financing organizations and multinational
corporations.
Tinubu Square has built an ecosystem of customers in over 20
countries worldwide and has a global presence with offices in
Paris, London, New York, Montreal and Singapore.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections
and Query Management System has been designed with 3
goals in mind:
•To improve your cashflow • To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of
Credit Professionals across the UK and Europe, our system is
successfully providing significant and measurable benefits for
our diverse portfolio of clients.
We would love to hear from you if you feel you would benefit
from our ‘no nonsense’ and human approach to computer
software.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 56

FOR ADVERTISING INFORMATION OPTIONS
AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
CREDIT MANAGEMENT SOFTWARE
CREDIT MANAGEMENT SOFTWARE
CREDIT MANAGEMENT SOFTWARE
Data Interconnect Ltd
45-50 Shrivenham Hundred Business Park,
Majors Road, Watchfield. Swindon, SN6 8TZ
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
We are dedicated to helping finance teams take the cost,
complexity and compliance issues out of Accounts Receivable
processes. Corrivo is our reliable, easy-to-use SaaS platform for
the continuous improvement of AR metrics and KPIs in a userfriendly
interface. Credit Controllers can manage more accounts
with better results and customers can self-serve on mobileresponsive
portals where they can query, pay, download and
view invoices and related documentation e.g. Proofs of Delivery
Corrivo is the only AR platform with integrated invoice finance
options for both buyer and supplier that flexes credit terms
without degrading DSO. Call for a demo.
ESKER
Sam Townsend Head of Marketing
Northern Europe Esker Ltd.
T: +44 (0)1332 548176 M: +44 (0)791 2772 302
W: www.esker.co.uk LinkedIn: Esker – Northern Europe
Twitter: @EskerNEurope blog.esker.co.uk
Esker’s Accounts Receivable (AR) solution removes the
all-too-common obstacles preventing today’s businesses
from collecting receivables in a timely manner. From credit
management to cash allocation, Esker automates each step of
the order-to-cash cycle. Esker’s automated AR system helps
companies modernise without replacing their core billing and
collections processes. By simply automating what should
be automated, customers get the post-sale experience they
deserve and your team gets the tools they need.
Genius Software Solutions
T: +44 (0) 141 280 0275
E: sales@geniusssl.com
W: www.geniusssl.com
Genius provides solutions designed to enhance your customer
engagement with compliance in full focus; our team have decades
of operational experience in the Debt & BPO space.
As a global outreach partner our technology drives compliance
and operational efficiency to help your business thrive.
• Streamline Collections, Payments & Asset Recovery, whether this
be in-house or within a BPO setting with our Adept platform.
• Enhance customer engagement with our cloud-based
omnichannel platform, Commpli.
We've helped businesses worldwide enhance efficiency, optimise
workflows, and respond to the dynamic needs of a changing
marketplace.
My DSO Manager
22, Chemin du Vieux Chêne,
Bâtiment D, Meylan, FRANCE
T: +33 (0)458003676
E: contact@mydsomanager.com
W: www.mydsomanager.com
My DSO Manager is an all-in-one intelligent SaaS accounts
receivable and credit management system that provides
real-time insight and scalability from SMEs to international multientity
companies. It helps AR analysts, accounting or finance
managers, and any client-facing employee, manage risk and
maximize cash collection.
It can swiftly integrate any kind of data from any ERP and
implement any customization due to its creative, competent IT
teams that are headquartered inside the firm and collaborate
closely with support employees, many of whom were formerly
credit managers at big corporations.
The feature-rich functions, automated reminders, alerts, and
numerous services connected to the solution, such as EDM/
CRMs/insurance/e-payment/BI platforms etc., along with
a reasonable pricing system, have simplified the credit-tocash
cycle by monitoring daily KPIs like DSO, aging balance,
overdues/past-dues, customer behavior, and cash forecast.
My DSO Manager's worldwide clientele are its real
ambassadors, who assist the company in expanding on an
ongoing basis.
TCN
T: +44 (0) 800-088-5089
E : spencer.taylor@tcn.com
W: www.tcn.com
TCN is a leading provider of cloud-based call centre technology
for enterprises, contact centres, BPOs, and collection
agencies worldwide. Founded in 1999, TCN combines a deep
understanding of the needs of call centre users with a highly
affordable delivery model, ensuring immediate access to robust
call centre technology, such as SMS, email, predictive dialler,
IVR, call recording, and business analytics required to optimise
operations while adhering to callers’ requests.
Its “always-on” cloud-based delivery model provides customers
with immediate access to the latest version of the TCN solution,
as well as the ability to quickly and easily scale and adjust to
evolving business needs. TCN serves various Fortune 500
companies and enterprises in multiple industries, including
newspaper, collection, education, healthcare, automotive,
political, customer service, and marketing. For more information,
visit www.tcn.com or follow on Twitter @tcn.
Invevo
Daniel Gregory
T: 07843591646 E : daniel@invevo.com
W: www.invevo.com
Invevo is a fully integrated, cloud-based provider of credit
management and accounts receivable automation solutions,
offering dynamic features to optimise operational efficiency and
improve cash performance.
Our flexible platform empowers organisations to:
- Automate the manual and repetitive work allowing your team to
focus on the value-added activities
- Discover financial and operational insights through beautiful,
data-rich dashboards
- Test and adjust workflow strategies immediately through zerocost
configuration
- Mitigate customer global risk through integrated credit reporting
via credit agencies or open banking
Invevo integrates with your existing systems (ERP, CRM,
accounting, billing) to present the insights you need to make
strategic decisions through one system that acts as a single
source of truth. Access the undiscovered analytics and improve
performance across your portfolio through data-driven actions.
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 57
SERRALA
Serrala UK Ltd, 125 Wharfdale Road
Winnersh Triangle, Wokingham
Berkshire RG41 5RB
E: r.hammons@serrala.com W: www.serrala.com
T +44 118 207 0450 M +44 7788 564722
Serrala optimizes the Universe of Payments for organisations
seeking efficient cash visibility and secure financial processes.
As an SAP Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience and
thousands of successful customer projects, including solutions
for the entire order-to-cash process, Serrala provides credit
managers and receivables professionals with the solutions they
need to successfully protect their business against credit risk
exposure and bad debt loss.
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 is the market leading and fastest
growing High Court Enforcement company. Since forming in
2014, we have managed over 100,000 High Court Writs and
recovered more than £187 million for our clients, all debt fairly
collected. We help lawyers and creditors across all sectors to
recover unpaid CCJ’s sooner rather than later. We achieve 39%
early engagement resulting in market-leading recovery rates.
Our multi-award-winning technology provides real-time reporting
24/7. We work in close partnership to expertly resolve matters
with a fast, fair and personable approach. We work hard to
achieve the best results and protect your reputation.
High Court Enforcement Group Limited
Client Services, Helix, 1st Floor, Edmund St, Liverpool, L3 9NY
T: 08450 999 666
E: clientservices@hcegroup.co.uk
W: hcegroup.co.uk
Putting creditors first
We are the largest independent High Court enforcement
company, with more authorised officers than anyone else. We
are privately owned, which allows us to manage our business
in a way that puts our clients first. Clients trust us to deliver
and service is paramount. We cover all aspects of enforcement
– writs of control, possessions, process serving and landlord
issues – and are committed to meeting and exceeding clients’
expectations.
ENGAGEMENT
CFH Docmail
T: 01761 416311
E: info@cfh.com
W: www.cfh.com
With over 45 years of experience in supporting organisations in
the successful delivery of multi-channel communications, CFH
are the innovative and trusted partner for driving engagement
and achieving measurable results.
Combining proven expertise, the right accreditations and
industry driven communication solutions including Docmail the
leading hybrid mail solution, CFH have the perfect blend of
solutions to help you engage offline, online or the perfect blend
of the two.
continues on page 58 >

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
FINANCIAL PR
Gravity Global
Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB
T: +44(0)207 330 8888. E: sfeast@gravityglobal.com
W: www.gravityglobal.com
Gravity is an award winning full service PR and advertising
business that is regularly benchmarked as being one of the
best in its field. It has a particular expertise in the credit sector,
building long-term relationships with some of the industry’s
best-known brands working on often challenging briefs. As
the partner agency for the Credit Services Association (CSA)
for the past 22 years, and the Chartered Institute of Credit
Management since 2006, it understands the key issues
affecting the credit industry and what works and what doesn’t in
supporting its clients in the media and beyond.
INSOLVENCY
Menzies
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: 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 Creditor Services
team can assist, please contact Bethan Evans, Licensed
Insolvency Practitioner, at bevans@menzies.co.uk or call
+44 (0)2920 447 512.
INSOLVENCY
PAYMENT SOLUTIONS
American Express
76 Buckingham Palace Road,
London. SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM
and is a globally recognised provider of payment solutions
to businesses. Specialising in providing flexible collection
capabilities to drive a number of company objectives including:
• Accelerate cashflow • Improved DSO • Reduce risk
• Offer extended terms to customers
• Provide an additional line of bank independent credit to
drive
growth • Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive
growth within businesses of all sectors. By creating an additional
lever to help support supplier/client relationships American
Express is proud to be an innovator in the business payments
space.
Key IVR
T: +44 (0) 1302 513 000 E: sales@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.
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.
LEGAL
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.
Quadient AR by YayPay
T: +44 20 8502 8476
E: r.harash@quadient.com
W: www.quadient.com/en-gb/ar-automation
Quadient AR by YayPay makes it easy for B2B finance teams
to stay ahead of accounts receivable and get paid faster – from
anywhere. Integrating with your existing ERP, CRM, accounting
and billing systems, YayPay organizes and presents real-time data
through meaningful, cloud-based dashboards. These increase
visibility across your AR portfolio and provide your team with a
single source of truth, so they can access the information they
need to work productively, no matter where they are based.
Automated capabilities improve team efficiency by 3X and
accelerate the collections process by making communications
customizable and consistent. This enables you to collect cash
up to 34 percent faster and removes the need to add additional
resources as your business grows.
Predictive analytics provide insight into future payer behavior to
improve cash flow management and a secure, online payment
portal enables customers to access their accounts and pay at any
time, from anywhere.
Cr£ditWho?
CICM Directory of Services
Shoosmiths
Email: paula.swain@shoosmiths.co.uk
Tel: 03700 86 3000 W: www.shoosmiths.co.uk
Shoosmiths’ highly experienced team will work closely with credit
teams to recover commercial debts as quickly and cost effectively
as possible. We have an in depth knowledge of all areas of debt
recovery, including:
•Pre-litigation services to effect early recovery and keep costs
down •Litigation service •Insolvency
•Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to relate to your
goals, and adept at advising you on the most effective way of
achieving them.
FOR ADVERTISING INFORMATION OPTIONS AND
PRICING CONTACT paul@centuryone.uk – 01727 739 196
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 58

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Data: 2022.08.08 18:47:58
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Moneyknows no borders—neither do we
Brave | Curious | Resilient / www.cicm.com / June 2024 / PAGE 59