The energy regulator has posted a first draft document outlining what rules and regulations could go into its Third-party intermediary (TPI) code of practice.
The code, if it ever comes into existence, will aim to keep brokers acting in a way that is “fair, honest, appropriate and transparent”, the document states.
We reported on this some weeks ago, when Ofgem announced it was considering implementing a TPI code of practice. This is all part of its ongoing crusade to make the business and domestic energy markets simpler, clearer and fairer, known as the Retail Market Review.
New rules that govern the business energy suppliers have come into force since August 30, including a code of conduct they must abide by, so it seems natural that brokers and consultants may be next.
There is already a voluntary code of conduct operated by the Utilities Intermediaries Association (UIA), but only around 5% of TPIs are actually signed up (we’re one of them!).
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The Ofgem draft code document covers such areas as:
- Ensuring staff and sales agents receive adequate training.
- Ensuring all sales, marketing and advertising materials are honest and not misleading.
- Being clear about their identity and who they represent and in what capacity.
- Offering clarity on the differences and similarities between products offered, and other options available.
- Not using high-pressure sales techniques.
- Being transparent about any fees involved either directly or indirectly paid through the suppliers as commission.
Utilities Savings has always operated in this way, and we’re proud of doing so. Why not give us a try today?