You are here: Home - Household Bills - News -

Watchdog strengthens powers to protect consumers

0
Written by:
05/04/2013
Ofgem has tightened up rules to protect the consumer from any financial problems a parent company of a gas or electricity company may run into in the future.

The changes to the rules have come into effect this week and will mean that Ofgem can give early warning of a company’s financial distress and lessen the impact of any financial trouble on consumers.

Ian Marlee from Ofgem, said: “Given the significant investment of around £30bn that will take place over the next eight years, it is vital that consumers’ money is protected.

“That is why Ofgem is strengthening the ring fence rules and introducing a requirement for two sufficiently independent non-executive directors on network licensee Boards.”

The watchdog says that the requirement to have two non-executive board directors will help mitigate the risk that executive directors with other roles could become conflicted at times of crisis.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

Spreadbetting hub

Click here to find out everything you need to know about spreadbetting

Is your mortgage fully protected with critical illness?

For a free quote or to speak with an insurance expert call 0800 1218744

Guide for First-Time Buyers

Download our free, handy guide for first-time buyers, produced in association with the Post Office.

BNY Mellon launches investment guide for women

BNY Mellon has produced a free ‘Guide to Investing for Women' to provide an introduction to investing and lo...

Your ultimate guide to the new ISA rules

As the new ISA – or "NISA" – rules come into force, we explain what has changed and how you can benefit.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Shopping for the best rate can help your savings build over time.

Top tips for protecting yourself online

One in six adults has fallen victim to a cyber-attack, according to new research from Experian.

BLOG: Top tips for would-be entrepreneurs

As Global Entrepreneurship Week draws to a close James Benamor teaches Your Money how to get a business off th...

Stock tips from top fund manager: IP Group

James Henderson, manager of the Lowland Investment Company and Henderson Opportunities Trust, selects IP Group...

Speak to an Adviser

Do you need help with your finances? If you need quality independent financial advice, click here.

Money Tips of the Week

Close