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OFGEM Safety Net
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Sadly, Ofgem DOES NOT carry out any supplier due diligence. It has said as much in responses to me; for example, quote the granting of a Supply Licence does not mean that the business owners are fit and proper persons unquote. To date, it has been nothing more than a £400 paper check. Ofgem has consistently been criticised by Citizens Advice for its licence approvals process. Ofgem is now consulting on how this can be improved.
I must admit I was surprised to discover that there are no minimum capital requirements. You can set up an energy supply business and get a licence with just a £1 of share capital. £1 million should be the minimum.0 -
Surely the answer is to manage one's own credit balance? I'm amazed when I read stories of £800 credit owed - don't think I've ever been more than £50 in credit when switching - and I've actually had small debits more often than not.:)0
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