THE energy regulator has accused suppliers of using customers’ credit like an “interest-free company credit card”, in a major crackdown on providers. Ofgem has announced new plans…
A safety net ensures customers are quickly moved to a new supplier with their credit balances intact if a supplier fails.
That means the cost reinstating these balances has to be borne by the new supplier - and it is invariably passed on to customers. Brearley said: "By ensuring that suppliers are operating well-financed sustainable and have more resilient business models, we can avoid the supplier failures we saw last year, which caused huge stress and worry, and added costs to everyone's bills.""Currently they are used by some suppliers like an interest-free company credit card.
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