Institute of Credit Management achieves Royal Charter
Members of the Merseyside and North Wales Branch of a National business organisation are today celebrating a Royal accolade.
The Institute of Credit Management (ICM), which has its regional branch in Merseyside and North Wales, has been granted a Royal Charter, confirming its position as the recognised standard in credit management, keeping the cash flowing for British businesses.
Jenny Esau FCICM, Branch Chair of the ICM Merseyside and North Wales branch, 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 supporting local businesses,” Jenny 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 local business growth across the whole spectrum of industries from the largest manufacturers to the smallest service providers in the UK and internationally.
ICM members across the UK manage an estimated £4 trillion of trade debt each year (based on the last filed report and accounts of those c.3,000 firms employing ICM members). This figure excludes the total of consumer debts being managed, estimated to be in excess of £60 billion.
To attain the Royal Charter, the ICM had to demonstrate the tangible support that its members deliver, and the high level of qualification they are expected to achieve. It also had to demonstrate a track record of achievement, and was helped by such initiatives as the Managing Cashflow Guides, the Prompt Payment Code (PPC), and the Start up Loans Company in which the Institute has been closely involved. In granting a Charter, the issue of ‘public interest’ also had to be addressed.
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).
ICM Members within Merseyside and North Wales 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.
