Ofgem Energy Code of Conduct
Compliance with the codeRather like the financial industry, the code will compel all brokers to be transparent about what suppliers they work with, what services they can offer, and the fees that they charge. Having said that, the industry is still unclear as to what the penalties will be for not complying with the code, or working with brokers who haven’t signed up, or how their compliance might be ensured. Some energy businesses, quite understandably, have asked who will monitor the code, and enforce any breaches. Ofgem have now been able to address these concerns. It transpires that an industry-led, independent board will be established to oversee the Energy Code, including compliance and the day-to-day operation of the code of practice. There were no great surprises in this announcement as Ofgem has been consulting on this document for some time. All that’s now left is to populate the board with experienced energy personnel and monitor how the new system beds in. Although Ofgem has not gone as far as direct regulation of the energy market (which would, in any case, have been step too far), this new Energy Code is certainly a timely step in the right direction, in terms of the better management of the sector. If you're unsure whether a broker is approved under the code, you can check here.
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