It has taken 25 years of de-regulation for realisation that the Energy Market is in a mess. Whilst some of us brokers and consultants have been a small but insistent voice over the years, trying to persuade Suppliers not to deal with unprofessional TPIs (Third Party Intermediaries), finally Ofgem could have power and legislation to make this happen by the accreditation of energy brokers and TPIs
Short of nationalising the energy industry, solutions to the power of the Big 6 in the Business [non-domestic] market have been thin on the ground. Whilst a significant number of businesses have over the years used the experience and expertise of professional Brokers and Consultants to take on the Suppliers to ensure a better deal, others have been duped/misled by sales agencies masquerading as professional organisations.
Ironically much of the call for increased legislation and control of unscrupulous TPIs has come from within the Professional Brokering community, albeit a small voice. Efforts to establish a trade body, the UIA, which required adherence to a Code of Conduct never really found favour, and, whilst well connected, remained somewhat parochial. Finally it looks like Ofgem will get more legislation in place and hopefully clean up the TPI marketplace.
What is also heartening to hear publicly is that Ofgem has finally and formally realised that the Big 6 will only cooperate when legislation and the “power to punish” actually come into play.
When Ofgem’s proposals come to fruition you can be sure many of the less established brokers within the market will struggle; a serious and professional energy broker like Torse will continue to provide real competitiveness in the Business Marketplace and reduce the oligopolistic powers of the Big 6 in the Energy Market.
Read the full Ofgem report.