Action on Credit Insurance

BFA is fully supporting the campaign being led by the British Clothing Industries Association (BCIA) and Drapers on credit insurance difficulties in the fashion industry.

The campaign will tell the government it has a duty to channel some of the cash set aside to support the UK’s financial institutions into insuring orders from UK retailers. The government already insures some UK exporters against non-payment by their overseas buyers via its Export Credit Guarantee Department and that the remit of the department should be widened to include domestic orders and broader industries.

Peter Lucas, BCIA Chairman, comments that “This industry is one of the biggest employers in the country and the government needs to be more supportive. We don’t want to lose jobs over this”. He asks that companies provide him with examples of where a lack of credit insurance has had a negative impact on business. He will then present his findings and evidence to Peter Mandelson, Secretary of State for Business Enterprise and Regulatory Reform.

Drapers and BCIA are calling for brands, suppliers, wholesalers, manufacturers and retailers facing credit insurance claims to join the Credit Insurance Campaign. There is a group forum on business networking site Linkedin to help unite the industry – search for Drapers Wholesale Forum or e mail jessicapricebrown@emap.com