Business Law & Compliance
FSB urges further investigation into 'broken energy market'
1 min read
24 March 2014
The Federation of Small Businesses (FSB) and consumer group Which? have called on regulators to investigate the 'broken energy market'.
The two groups have written a joint letter to the Office of Fair Trading, new Competition and Markets Authority and watchdog Ofgem, asking for increased competition and transparency in trading.
According to the groups, nine out of ten consumers think the energy market needs probing as energy bills continue to be a major concern for SMEs whose needs are more similar to consumers’ than big businesses, said the joint statement.
The letter said: “It is now time for radical changes that deliver an effective, competitive market that works for everyone, before the scale of this crisis worsens.
“We all want to see a transparent market where consumers and businesses alike can understand their bills, compare prices and switch easily.”
Last month Ofgem told the ‘big six’ energy firms to trade fairly with small suppliers or face fines.
Caroline Flint MP, Labour’s Shadow Energy and Climate Change Secretary said: “Rising energy bills are causing a cost-of-living crisis.
“Consumers need to be confident that the energy market works for them and the prices they pay are fair. Anything which can help shine a light on the workings of the energy market is welcome.”