Ofgem urged to speed up pace of energy reforms | This is Money

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Pressure is mounting on Ofgem to introduce greater protection for small businesses in the energy market.

The regulator last week announced a series of measures to increase protection for consumers, following a warning that households faced steep increases in their bills in the coming year.

The changes will see suppliers limited to offering no more than four energy tariffs. They will also have to move customers who are on poor value tariffs automatically to their cheapest deals.

Ofgem, headed by Alistair Buchanan, also said final proposals aimed at providing further protection for small and medium-sized firms would be published before Easter.

Yet with experts warning that it could be many months before any proposals are implemented, the pressure is increasing on Ofgem to speed up the process of change to help struggling small firms.

Changes that business groups are calling for include a ban on rollover contracts, used by suppliers to move firms on to costly deals if they fail to cancel in time, and for suppliers to provide regular and detailed information on contract terms and the cancellation period.

via Ofgem urged to speed up pace of energy reforms | This is Money.

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