Useful links and affiliations
From the Credit Services Association to the Institute of Credit Management, these are all the resources your business will ever need to keep on top of late paying customers.
Formerly known as the FDA (Factors and Discounters Association), the Asset Based Finance Association represents the UK’s asset based finance community and comprises more than 50 members that support around 48,000 businesses with their cash flow finance requirements.
www.abfa.org.uk
A code aiming to reduce the occurrence of late payment of commercial debts by outlining the expected payment procedures amongst UK businesses and organisations, in addition to educating firms about late payment legislation. Businesses can sign up to the code, created by the Better Payment Practice Group in 1997, demonstrating that they themselves are prompt payers by having their company added to the Pay on Time site and a logo provided to go on their own website.
www.payontime.co.uk
Promoting innovation, enterprise and science, the government department formerly known as BERR is working towards creating the conditions for business success in a “dynamic and competitive” UK economy. Its three objectives are to promote business and innovation, create a highly-skilled workforce and promote free and open markets, giving UK businesses the tools to drive the economy forward.
www.bis.gov.uk
Formed in 1988, the CSA is dedicated to ensuring debt collection agencies maintain high standards and perform their work with the utmost professionalism. It strives to ensure that when you work with a member of the CSA, you can be sure the services provided will respect your company’s position and reputation as quality and professionalism is upheld at all times. Its members offer a variety of credit services, including credit investigation, status enquiries, company searches, credit control, credit insurance and debt purchase.
www.csa-uk.com
The Federation of Small Businesses is the UK’s largest pressure group which protects the interests of the owners of small businesses, as well as the self-employed. With more than 200,000 members, it has lobbied to protect SMEs’ interests since it was established in 1974.
www.fsb.org.uk
With a range of rule-making, investigatory and enforcement powers, the Financial Services Authority is the regulatory body of the financial services industry in the UK. It uses these powers to meet its five statutory objectives: market confidence, financial stability, public awareness, consumer protection and the reduction of financial crime.
www.fsa.gov.uk
Primed with a chief mandate of regulating the UK’s insolvency profession, The Insolvency Service administers and investigates bankruptcies and insolvencies, both commercial and consumer, to establish why the business or individual became insolvent. As an executive of the Department of Trade & Industry, it also provides information to the public regarding insolvency matters, producing quarterly insolvency statistics in the process.
www.insolvency.gov.uk
As the largest credit management organisation in Europe, the Institute of Credit Management represents the credit services industry across collections, credit reporting, credit insurance and insolvency. It also offers conferences, seminars and training programmes, which our debt collection Team Leader, Charlotte Christie, has passed to become ICM qualified.
www.icm.org.uk
The Prompt Payment Code seeks to promote best payment practice between firms. Those who sign up to the Code must thereby commit to paying suppliers inside clearly defined terms, allowing businesses to establish stronger trading relationships.
www.promptpaymentcode.org.uk
Known more commonly as R3, the Association of Business Recovery Professionals is the leading professional organisation for insolvency, business recovery and turnaround specialists in the UK. Promoting best practice amongst its members, R3 also provides a forum for debate on the key challenges facing the industry.
www.r3.org.uk