Energy brokers and price comparison services serving business supply contracts will be brought under Ofgem's regulatory oversight through the energy independence bill, introduced on Wednesday. The regulator will receive new powers to issue fines, order compensation, and restrict executive bonuses where companies and intermediaries break rules regarding mis-selling and hidden commissions. The measures are projected to save businesses more than £100 million a year.
Why it matters
Bringing business energy brokers under Ofgem's regulatory perimeter provides commercial customers with formal protections against hidden commissions and mis-selling for the first time.
Original source
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