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Ofgem Says Retail Suppliers Not Doing Enough For Customers In Debt, Further Price Caps Possible
June 13,2019 U.K. energy regulator Ofgem released a draft Consumer Vulnerability Strategy 2025 Among other things, Ofgem said that, "Ofgem is also concerned suppliers aren’t doing enough for people in debt. Ofgem is considering putting in place rules that ensure a customer’s ability to pay is properly considered when setting repayment plans, monitoring repayments and ensuring consumer understanding of arrangements." The draft also states, concerning additional price caps for vulnerable customers that, "We will carefully monitor the market including price cap compliance to consider the case for future price protection, particularly for various specific vulnerable groups. Many consumer groups have particularly emphasised that they want to understand how consumers in vulnerable situations will be protected post price cap and have explicitly expressed desire for longer lasting protections for consumers in financially vulnerable situations." Ofgem said that the Consumer Vulnerability Strategy outlines five themes with outcomes that Ofgem is seeking views from stakeholders and consumers on: • Improving identification of vulnerability and smart use of data • Supporting those struggling with their bills • Driving significant improvements in customer service • Encouraging positive and inclusive innovation • Working with partners to tackle issues that cut across multiple sectors. See the draft here
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