News Article

Credit Management

Prompt Payment Code is having a 'real material effect', says Small Business Minister Margot James

By CreditMan Friday, March 31, 2017

Philip King, Chief Executive of the CICM, has praised the success of the first Credit Week in helping to promote the importance of best practice credit management and credit professionals.

Organised by Credit Strategy and officially supported by the CICM, the world’s largest recognised body for credit professionals, Credit Week included a series of conferences, meetings, debates and industry networking events.

It attracted high profile individuals – including broadcaster and TV personality Evan Davis, who delivered a keynote address on the economy and the impact of Brexit – and events were hosted at prestigious buildings such as the Law Society, the venue for a live debate on debt collection.

The event commenced with a Parliamentary reception hosted by Julian Knight MP and included a welcome speech by the Minister for Small Business Margot James MP, who explained the ‘real material effect’ that the Prompt Payment Code (PPC), which is administered by the CICM on behalf of the Government, is having:

"Signatories to the Prompt Payment Code pledge to keep to the highest standards, a commitment which is integral to driving the change in UK payment culture that we want to see,” she said.

“We are a nation of small businesses,” the Minister continued. “There are 5.5 million at the latest count, and you in the credit industry have all played a big part in helping many of them to grow and thrive. That’s the strength of good credit policy and of a reliable credit industry.”

Mr King, who was the Chair of the Trade Credit and Credit Risk streams at the Credit Summit, hailed the Week as a great success: “In the credit industry, we are passionate about supporting the growth of businesses and the economy through healthier cashflows.

“The week has helped to emphasise that the principles behind supplying credit, whether to businesses or consumers, are essentially no different,” he added. “Professional credit management, acting responsibly, and treating customers fairly are fundamental to achieving better outcomes for all.”