An end to businesses being ‘kept in the dark’ about hidden fees?
With Ofgem currently reviewing the policy framework of the energy sector, one of the UK’s biggest energy buyers is calling for an end to businesses being ‘kept in the dark’ on up to £100m-worth of hidden fees. Utilyx, which buys 10.5% of business energy in the UK on behalf of the country’s biggest retailers, banks and leisure providers, believes complete transparency is needed on the fees brokers earn for arranging energy deals.
“We believe it is time customers got full transparency on exactly what fees are being paid for the energy deals they are signing up to,” said Utilyx’s managing director Jo Butlin. “Together with direct regulation of brokers, that is the best way to improve the market, drive more competition and ultimately ensure customers are getting the best possible deal on their energy.” Unless TPIs are able to demonstrate they have carried out a comprehensive market comparison and presented a range of offers to customers, any commission paid to them by suppliers should be revealed, the firm says. It also believes direct regulation of the sector with stringent penalties for bad behaviour is vital to protect customers.
Here at MDG Energy, we fully support this view and believe more needs to be done to protect customers from hidden fees. As consultants, we do not take commission from the supplier. Instead we adopt the view that we should only be paid based on how much we can save you, meaning you are cash positive from the outset if savings are achieved.
Read the full article from Luke Nicholls at Edie Energy.