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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Tim Dunford
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Notes to editors
More details on the new entry requirements for energy suppliers can be found on the Ofgem website.
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