The Institute of Credit Management (ICM) has been granted a Royal Charter
The Institute of Credit Management (ICM) has been granted a Royal Charter, confirming its position as the recognised standard in credit management.
Philip King, Chief Executive of the ICM, believes that the new status is arguably the most significant achievement in the Institute’s 75-year history: “Recognition affirms the quality and integrity of our Institute, our qualifications, and our members, and the critical role they play in keeping the cash flowing,” he says.
As the Chartered Institute of Credit Management, the organisation will continue to promote the role of credit management and collections, and champion professional credit managers at every stage of their careers in supporting business growth across the whole spectrum of industries from the largest manufacturers to the smallest service providers in the UK and internationally.
ICM members manage an estimated £4 trillion of trade debt each year (based on the last filed report & accounts of those c3,000 firms employing ICM members). This figure excludes the total of consumer debts being managed, estimated to be in excess of £60 billion.
Royal Charters, Philip says, are granted rarely, making the achievement all the more significant: “We had to demonstrate the tangible support that our members deliver, and the high level of qualification they are expected to achieve,” he says. “We also had to demonstrate a track record of achievement, and were no doubt helped by such initiatives as the Managing Cashflow Guides, the Prompt Payment Code (PPC), the Start up Loans Company in which we have been closely involved.”
In granting a Charter, the issue of ‘public interest’ also had to be addressed: “Because incorporation by Charter is a form of Government regulation, and future amendments require Privy Council approval, we needed to demonstrate ‘a convincing case’ that it would be in the public interest to regulate the body in this way,” he adds.
Already Europe’s largest association for the credit management profession, the ICM’s elevation to Chartered status was supported by the Department for Business, Innovation and Skills (BIS) with whom the ICM works closely on supporting business growth and for whom it manages the PPC. Other supporters included the Insolvency Service, the Institute of Chartered Accountants in England and Wales (ICAEW), and the Credit Services Association (CSA).
Members will have the right to use their new CICM post nominal letters, and the new name will be used, once the Great Seal has been affixed by the Crown Office at the House of Lords and the Royal Charter takes legal effect.
ICM press release