12 Jul 2022

How PwC can support CICM Members

Today we had the privilege of chatting with Lucy Fulmer, Head of the Creditor Markets Team at PwC. In this engaging discussion, we'll explore how PwC's Credit Markets Team is committed to helping CICM members navigate the complexities of the financial world. Let's dive right in!


Understanding the Role of PwC's Credit Markets Team


Lucy Fulmer  introduces us to the primary focus of PwC's Credit Markets Team, emphasizing their dedication to assisting trade suppliers and unsecured creditors throughout insolvency processes. Their mission extends beyond mere support; they seek to champion the pivotal role trade suppliers play in the working capital cycle—a role often overlooked. The team's national reach ensures that clients from various locations can access their services, which, remarkably, come at no cost.


While the Credit Markets Team does provide creditor services, their approach is broader at PwC. They prioritize the best interests of the client, going beyond the expectation of securing votes in insolvency proceedings. This client-centric approach has enabled them to forge trusted relationships within the market.


The Team's Composition


Tom  inquires about the size of the team, and Lucy Fulmer  provides clarity. The team consists of three permanent members strategically stationed across different locations: London, Reading, and Leeds. This distribution allows them to effectively serve clients on a national scale. Notably, their core service, assisting unsecured creditors, remains free. When specialized expertise is required, they can tap into PwC's extensive network to ensure comprehensive support.


Lucy's Journey to her Current Role


Lucy Fulmer  shares her career journey, which began at PwC 24 years ago. Her initial role involved hands-on work in areas like administrations and liquidations. Over time, PwC supported her in obtaining her ACCA accountancy qualification and insolvency practitioner qualification. Lucy's transition to her current role as Head of the Creditor Markets Team marked a significant shift. She moved from desk-based work to engaging with people directly, gaining a profound appreciation for the importance of trade credit, its impact on working capital, and its role in business success.


Supporting CICM Members: How PwC Can Help


PwC's Credit Markets Team supports clients and with services the benefit CICM members through:


  • Debt Analysis: PwC's team provides insights into debtors, helping clients make informed decisions even before insolvency looms. This proactive approach enables businesses to adjust their trading strategies effectively.
  • Trade Credit Forums: PwC sponsors and hosts trade credit forums, allowing clients to share experiences, payment performance, and concerns. These forums serve as valuable platforms for discussing best practices.
  • Credit Reference Agencies: The team assists clients in navigating the complexities of credit scores from various agencies, helping them better understand differences and implications.
  • Credit Insurance: PwC collaborates with credit insurers, offering guidance on retaining or increasing insurance limits—a crucial aspect in today's economic climate marked by price inflation.
  • Technical Expertise: PwC extends support in areas like retention of title, training for new team members, and addressing specific queries or challenges clients may encounter.
  • Leveraging the PwC Network: When necessary, the team draws on PwC's extensive network, tapping into resources related to tax, pensions, and forensics, ensuring comprehensive assistance.


Why PwC Offers These Services for Free


A burning question arises: Why does PwC provide these valuable services for free? Lucy Fulmer  explains that it aligns with PwC's purpose—to build trust in society and help clients solve significant problems. This commitment to client relationships takes precedence over immediate financial gains. PwC values the trust and long-term partnerships forged through these services, with the belief that such relationships can lead to future opportunities.


How to Access PwC's Support


Concluding the discussion, Lucy Fulmer  provides information on how CICM members can reach out to PwC's Credit Markets Team for assistance. A flyer and contact details will be made available in the CICM Members Area's Resource Hub for easy access.


In Closing


PwC's Credit Markets Team serves as a valuable resource for CICM members, offering essential support and expertise in navigating the complex world of credit and insolvency. Their commitment to client-centric solutions and building trust exemplifies PwC's core values. If you're a CICM member in need of assistance, don't hesitate to reach out to PwC's dedicated team.