regulating non-domestic Third Party Intermediaries
Energy UK, in its response to Ofgem’s consultation on proposals for regulating non-domestic Third Party Intermediaries (TPIs), called for an Ofgem-led Code of Practice to police the Third Party Intermediary market in energy until direct relation can be put in place. The response also called for a code of practice that ensures transparency on price and commission to make sure customer advice remains unbiased. However, Energy UK also highlighted that the majority of TPIs do treat customers fairly and that regulation should not inhibit competition and choice for the customer.
Energy UK said:
“Direct regulation on the Third Party Intermediary market is the best way to protect business energy customers and promote trust in the market but that will take time. In the meantime we are calling on Ofgem to bring in a Code of Practice as an interim or supportive measure. We know that third party advice is valuable for many business customers so it is imp0ortant that we work together to get this right.”