Switching compensation – GoCompare comments on new Ofgem proposals
Energy regulator Ofgem is proposing automatic compensation if a switch goes wrong, to boost consumers’ protection and confidence in switching.
Georgie Frost, consumer advocate from GoCompare Energy, comments:
“We very much welcome this announcement from Ofgem. While most energy switches go through without a hitch, some people may still see it as a risky move. This initiative sends a very clear message to anyone who may have concerns, that the industry supports switching and is there to help make sure it goes smoothly.
“Ofgem is also making it very clear to energy providers that they expect them to up their game. It isn’t acceptable to sit on final credit balance refunds or take longer than 21 days to complete a switch. This could be a very effective weapon in helping drive the right behaviour from energy companies.
“Together with moves to enable faster switches, this proposal will help shape the future of energy switching. Consumers can save up to £210 by switching provider*, so it is imperative that they see switching as a fast, reliable and risk-free way to save money.”
For more information on fixed energy rates, visit: https://www.gocompare.com/gas-and-electricity/fixed-energy-rates-explained/
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For further information please contact:
Anders Nilsson, Martyn John or Louisa Marsden at GoCompare on 01633 654 054 / 01633 654 725 / 01633 655 132
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter: @GoCompare
Notes to editors:
* Based on 51% dual fuel customers who received a price for switching with GoCompare - 01 Oct - 31 Dec 2017 saved £209.80 or more
About GoCompare
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).
For more information visit www.gocompare.com and www.gocomparegroup.com