Business Energy Claims’ CEO Callum Thompson is calling for the same level of regulatory oversight and protection for businesses as is currently afforded to domestic energy customers, following revelations of widespread overcharging.
This comes following tens of thousands of domestic customers securing refunds and compensation from energy suppliers after being overcharged for their energy bills. A recent compliance review by Ofgem found ten energy suppliers charged £7 million over the energy price cap to more than 34,000 domestic energy customers in error.
Charlotte Friel, Director of Retail Pricing and Systems at Ofgem, emphasised the regulator’s role in protecting consumers: “Our duty is to protect energy consumers, and we set the price cap for that very reason so customers don’t pay a higher amount for their energy than they should.
She further highlighted the outcome “serves as a reminder to all energy suppliers that they must implement the price cap properly and do their due diligence.”
Unregulated energy market
The watchdog confirmed that all ten suppliers involved have since updated their systems and processes to prevent similar errors in the future.
While domestic customers benefit from such regulatory protections, businesses continue to operate in a largely unregulated energy market – leaving them vulnerable to misleading practices by energy brokers. Many companies fall prey to inflated prices and hidden commissions buried within complex contract terms.
Callum Thompson commented: “The unregulated business energy market has allowed rogue energy brokers to take advantage of far too many businesses across the UK. It’s high time for tighter regulation that holds these brokers accountable for their unfair and unethical practices.
At Business Energy Claims, we’re committed to helping companies reclaim money lost through mis-sold energy contracts and pushing for a fairer energy landscape for all.”