Welcome to the March edition of the Technical Briefing for CICM members. In this edition contribute to the FCA consultation on proposals to allow more SMEs to refer disputes to the Financial Ombudsman Service and read the Institute’s response to the Business, Energy & Industrial Strategy (BEIS) Committee inquiry into Government support for small businesses. In other news, read more about the ‘Take five to stop fraud’ campaign, aimed to help people protect themselves from preventable financial fraud, recent research into the experiences of people in debt who negotiate with their creditors, and how new Common Financial Statement (CFS) trigger figures have been published from 1 March 2018. All this and more, including the UK Money Statistics from the Money Charity, and the latest publications and statistics from the Bank of England, can be found below.
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The
Financial Conduct Authority (FCA)
has published a
consultation
where it proposes to change its rules to allow more SMEs to refer disputes with financial services firms to the Financial Ombudsman Service. At present, only individuals and the smallest businesses (micro-enterprises) are able to refer complaints. The FCA proposes to introduce a new category of eligible complainant called ‘small businesses’ - these being defined up to a certain threshold, that is not a micro-enterprise. The paper also explores how access to redress may be improved, not necessarily via legislation, and also timeframe proposals for any agreed changes.
If you have any comments you wish to be reflected in the Institute’s response, please submit them to
governance@cicm.com
by 17:00 on 16 April 2018.
The
Department for Business, Energy & Industrial Strategy (BEIS)
has launched a
consultation
‘Insolvency and Corporate Governance’. The paper seeks views on proposals which aim to reduce the risk of major company failures occurring through shortcomings of governance or stewardship, and to strengthen the responsibilities of directors of firms when they are approaching insolvency. The key areas of the paper focus on the sale of a business in distress, reversal of value extraction schemes, investigation into the actions of directors of dissolved companies and strengthening corporate governance in pre-insolvency situations. Please look out for how you can contribute to the Institute’s response to this consultation in next month’s Technical Briefing.
Don’t forget that CICM also offers
Insolvency & Bankruptcy
training and if you have any Insolvency related questions, please refer them to the free
CICM Advice Line
.
The Institute has
responded
to the
Accountant in Bankruptcy (AiB)
consultation
: Funding the Accountant in Bankruptcy 2018/19 which seeks views on the right approach to adopt when funding the AiB in 2018/19 and in particular the proposal to raise fees from 1 June 2018.
The Institute has
responded
to the
Business, Energy & Industrial Strategy (BEIS)
Committee inquiry into Government support for small businesses to boost productivity, and whether enough is being done to protect firms from unfair treatment by large companies.
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REMINDER: Nominations close 3 April 2018.
The CICM Advisory Council influences the future direction of the Institute. Its members reflect the diverse range of skills, roles and experience amongst the Institute’s membership and bring valuable expertise and knowledge.
Being a member of the CICM Advisory Council is your opportunity to:
- Make a valuable contribution to the credit profession and the CICM
- Bring ideas and opinions to the table to help formulate strategy and direction
- Participate in the Institute’s future
- Assist in raising the profile of the largest recognised professional body in the world for the credit management community
Please view and complete the nomination application online by clicking
here
.
The
Financial Conduct Authority (FCA)
has published a
Policy Statement
following its 2017 consultation on Persistent debt and earlier intervention remedies.
The
Financial Conduct Authority (FCA)
has published a discussion paper ‘
Transforming culture in financial services
’. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector. Although formal feedback on the paper is not required, the FCA would like all those with an interest in financial services to consider the issues in the paper and to engage in the debate about what constitutes a healthy culture and how to promote it.
The
Financial Conduct Authority (FCA)
has published its March issue of
Regulation round-up
, a newsletter providing details of the FCA's recent activities.
Led by
Financial Fraud Action UK
(part of
UK Finance
) and backed by government, read more about the ‘
Take five to stop fraud
’ campaign, aimed to help people protect themselves from preventable financial fraud.
Government
has tabled amendments to the Data Protection Bill. Read a summary of the amendments
here
.
The
Money Advice Trust
has launched a research project looking at how the debt advice sector supports people in vulnerable situations. Read more
here
.
The
Money Advice Trust
and
Money Advice Service
have published
research
into the experiences of people in debt who negotiate with their creditors.
The
Bank of England
has published its latest
PRA Regulatory Digest
highlighting key regulatory news and publications for the month of February.
The
Bank of England
has published its latest Quarterly Bulletin. Read it
here
.
New
Common Financial Statement (CFS)
trigger figures have been published from 1 March 2018. Read more
here
.
StepChange
Debt Charity has published its 2017 Statistics Yearbook. Read it
here
.
Citizens Advice
has published a
report
‘Doorway to Debt’ which explores protecting consumers in the home credit market.
The
High Court Enforcement Officers Association (HCEOA)
and the Civil Enforcement Association (CIVEA) have made a joint submission to the Ministry of Justice Reform Policy and Her Majesty’s Courts & Tribunals Service Reform Programme Teams, to propose an amendment to the 1991 High Court & County Court Jurisdiction Order, which would allow high court enforcement officers, assisted, where appropriate by certificated enforcement agents, to enforce CCJs below £600 and judgments based on Consumer Credit Act agreements. Further updates will follow.
The
Royal Society for Public Health (RSPH)
has published a
report
‘Life on Debt Row’ which explores the effect of debt on health and wellbeing.
The
Government
has announced its commitment to end late payment culture as part of its Spring Statement. A consultation on proposals to tackle late payment is due to follow - look out for more on this in future CICM Technical Briefings.
Press Release: ITN Productions & CICM new ‘Credit Champions’ programme reveals critical importance of best-practice credit management in reducing late payment and increasing cashflow. Read more
here
.
The
Federation of European Credit Management Associations (FECMA)
has published its March
newsletter
, which includes details of the FECMA Credit Congress taking place in Malta on 16 and 17 May 2018.
AMLP Forum - The Financial Crime & Corruption Prevention Association
will be holding its
14th Annual AML & Financial Crime Seminar
on 30 April 2018, and a post-seminar
masterclass
on 1 May 2018. CICM Members will receive a 10% discount upon registration - please quote ‘Association’ when you register to secure this.
GDPR - Are you ready? 25 May 2018. If you have any questions, contact us at the
CICM Advice line
.
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Office for National Statistics
-
The latest UK statistics
for GDP, debt, retail sales, public sector, inflation, population and employment.
Read the latest publications from the
Bank of England
here
, and also its latest statistical releases,
here
.
Read the latest
UK Finance
data and statistics on High Street Banking, SME lending, Mortgages, Payments, Fraud and more
here
.
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