Small businesses are being hoodwinked by rogue energy brokers to the tune of £2bn a year by locking them into long-term, poor value gas and electricity contracts, according to data provided by the energy regulator and reported by The Guardian newspaper.
Amongst the most vulnerable who fall prey to these unregulated brokers are charities, churches and care homes.
The report states that many energy market brokers promise much and deliver little, with poor value deals that benefit brokers being the order of the day. This means big commission bonuses for brokers and appalling value for money for the customer.
With no official regulation in place to protect business owners, claims that 90% of micro-businesses may have been vulnerable to mis-selling is an alarming statistic.
None of the above will come as a surprise to Ofgem – they first put forward plans in 2014 to protect small businesses from dishonest energy brokers. However, these fell by the wayside due to ‘inconclusive evidence’.
We hope this now is the time they start to take action against the brokers who continue to give our industry a bad name. Regulation is essential to ensure customers get value for money and unregulated brokers are held accountable for their actions.
Boxfish love breaking those unregulated broker contracts and getting clients’ money back – our track record speaks for itself, winning back a total of £60k in overpaid commission for 2 prominent businesses in retail and manufacturing.
We are also totally independent, meaning we’ll find you the best deals that suit your business needs, not ours. Transparent pricing and no hidden fees or commissions means value for money for all of our clients.
So beat the brokers and work with a company you can trust.
Give Boxfish a call 0141 226 8525 and talk to us about your utility requirements.