A credit management organisation has been given the Royal seal of approval.
The Institute of Credit Management has now become the Chartered Institute of Credit Management, confirming its position as the recognised standard in credit management.
The Royal Charter itself was unveiled by Lord Lieutenant of Rutland Dr Laurence Howard at a ceremony on Tuesday.
Chief executive Philip King said credit managers are responsible for managing more than £4 trillion of trade debt each year, and their professional status and national recognition was growing.
He added: “The Royal Charter affirms the quality and integrity of our institute, our qualifications, and our members, and the critical role they play in keeping the cash flowing.”
The institute’s elevation to Chartered status was supported by the Department for Business, Innovation and Skills, with whom the organisation works closely on supporting business growth.
Mr King said Royal Charters were granted rarely, so this was arguably the most significant achievement in the institute’s 75-year history.
He added: “We had to demonstrate the tangible support that our members deliver, and the high level of qualification they are expected to achieve.
“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, and the Start up Loans Company in which we have been closely involved.”