Commenting on Ofgem’s final proposals to introduce more stringent tests for companies applying for a licence to supply energy, uSwitch.com energy expert Rik Smith says:
“It’s right that Ofgem has toughened the rules for new energy companies. With over 10 supplier failures in the last 18 months, consumer confidence was in danger of being undermined, in spite of the supplier of last resort process and competition in the market working well.
“However, many will question whether these reforms go far enough and how they will work with new requirements on existing suppliers to meet customer expectations on service and financial stability. And while proposals for a ‘fit and proper person’ test for company managers and enhancing the stability of existing suppliers are welcome, we are yet to see how effective these will be in practice.”
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Notes to editors
- More details on the new entry requirements for energy suppliers can be found on the Ofgem website.
Launched in September 2000, uSwitch is an online and telephone price comparison and switching service, helping consumers get a better deal on gas, electricity, broadband, TV services, mobiles and personal finance products including mortgages, credit cards, car and home insurance. Last year we saved UK consumers over £278 million on their energy bills alone.
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The multi award-winning 'Switching Made Simple' app allows customers to compare energy, broadband, credit card, mobile and SIM-only deals – and uSwitch also has a UK contact centre manned by energy and broadband experts. Customers can post their latest energy bills to FREEPOST USWITCH to receive a free call back and be guided through the comparison process, or they can email firstname.lastname@example.org with their postcode and usage details.
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