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BCIA chairman calls for support on credit insurance campaign

Peter Lucas, chairman of the British Clothing Industry Association, explains the Drapers and BCIA credit insurance campaign.

Over the last few weeks I have had a series of calls from friends, colleagues, competitors and customers. All of them have followed the same theme-what can be done to try and maintain the level of credit insurance that we have all been used to operating with over many years and which in the current difficult trading circumstances is even more vital than ever for the maintenance of the supply chain for companies large and small in the industry.

Clearly many believe that the responsibility lies with the insurance companies as it is exactly in times like these that people expect the insurance companies to deliver. From the response so far, however, this seems unlikely to happen. Perhaps the insurers would be encouraged more if the government were prepared to take the same approach  to home trade as they do in export markets through the Export Credit Guarantee Department.

This department insures UK exporters against non-payment by their overseas buyers.

“We have made some progress already in creating one voice for the industry, we need to make sure that we speak up on the big issues of the day. The current problems of credit insurance certainly fits into that category. I hope you will share your experiences with me either through these columns or direct to BCIA as I endeavour to raise the profile of this issue within government.”

Peter Lucas, chairman, BCIA

Bearing in mind the amount of public finance which has already been earmarked for our financial institutions already, some of it being channelled to the insurance sector to widen the brief of the department to home trade as well  should not only be possible but also I suggest most desirable for our sector and indeed others in order to protect the supply chain.

When I became chairman of BCIA last May, I said that one of the challenges was to make sure that the Association  became more representative of and united for the new industry which has emerged over the last few years. In order to do that, and we have made some progress already in creating one voice for the industry, we need to make sure that we speak up on the big issues of the day. The current problems of credit insurance certainly fits into that category. I hope you will share your experiences with me either through these columns or direct to BCIA as I endeavour to raise the profile of this issue within government.

Peter Lucas, chairman, BCIA

Please “Link In” with our campaign via our new group forum on business networking site LinkedIn. Sign up to LinkedIn and search for Drapers Wholesale Forum within groups or email jessicapricebrown@emap.com for more information on how to join our forum.

You can also contact the BCIA directly on 020 7636 7788.

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