Market Compliance Assessments - Update on next steps and further annual assessments in 2022
Reports, plans and updates
- Publication date
- Industry sector
- Supply and Retail Market
- Licence type
- Electricity Supply Licence
- Gas Supplier Licence
Protecting consumers is our top priority. In response to these volatile and difficult times, Ofgem will be driving a culture change in our engagement with the energy sector, with a much stronger focus on invasive assessments of suppliers’ policies, governance and processes to ensure they are achieving good consumer outcomes and are financially and operationally robust. We previously announced four market compliance reviews in April, focusing on areas with an immediate impact on consumers (direct debits, customer service, support for vulnerable customers and support for customers with difficulty paying). We now intend to expand this programme with four more assessments that will focus on suppliers’ financial robustness and risk management. These assessments will be a core feature of our compliance approach going forward and we intend to periodically repeat some of them.
We will first complete the four market compliance reviews we have already announced before starting the four new ones. We expect the four assessments we informed suppliers about yesterday to start sometime in August.