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Stricter testing for new energy suppliers mooted by Ofgem
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Former_MSE_Lucinda
Posts: 46 Forumite
in Energy
Energy customers could be given more protection if proposals by Ofgem to introduce additional stress testing to reduce the chances of suppliers collapsing are acted upon later this year. But if your supplier does end up going bust the regulator operates a safety net to protect your money....
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'Stricter testing for new energy suppliers mooted by Ofgem'
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'Stricter testing for new energy suppliers mooted by Ofgem'
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Energy customers won't be given more protection as there is nothing more they can do to protect us. All they can do is protect themselves from having to pay out if an energy company undercuts the rest of the market and the gamble doesn't pay off. But that doesn't sound such a good deal for the consumer.
If it's anything like the mortgage stress tests, then they'll assume the worst and that will mean higher bills for us all.0 -
Or at least it should be. They should be more concerned about their total ineffectiveness as a regulator. They should be concentrating on ensuring suppliers actually adhere to licence conditions - not being slow to react when things happen like not being able to send contracts out (I forget which company it was, there was a thread on here, either EDF or Npower I think).
They should be more concerned about consumers actually getting a GOOD service not having a situation where apathy is taken as satisfaction in a similar manner to the banking industry.
They should be more concerned about suppliers effectively sticking two fingers up at them when they say there is no reason for prices to increase and they put them up any way.
Sadly Ofgem is part of the problem rather than the solution. In the latter example they are either inept or ineffective. Neither of which inspires much hope.Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.0
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