Jeremy Hunt chaired a roundtable with CEOs from the Competition and Markets Authority (CMA), Financial Conduct Authority (FCA), Ofcom, Ofgem and Ofwat where they agreed a number of points to ensure billpayers, borrowers and savers are treated fairly.

Hunt said that as wholesale energy prices and other input costs are starting to fall, it wants to ensure that businesses “play their part” by ensuring savings are passed on.

Meanwhile for savers, given the higher interest rates, he wants to see these are passed on.

Below we list regulator by regulator what they have agreed:

Financial Conduct Authority

CEO Nikhil Rathi said it would deliver a report by the end of July on how the savings market is supporting savers to benefit from higher interest rates, with the incoming Consumer Duty giving the FCA stronger powers to take action if necessary.

Further, the largest banks and building societies will be required to explain the pace and extent of their pass through of interest rates, and how they are proactively supporting savers to switch to high interest rate products.

Competition and Markets Authority

Sarah Cardell said the CMA will deliver a better deal for motorists by publishing its review of the road fuel market examining profit margins in supermarkets and other fuel retailers, on Monday.

It will help shoppers pay fair prices by bringing forward the update of competition and unit pricing in the grocery sector to earlier in July. This will include further scrutinising the food supply chain as well as measures to make it easier for shoppers to make the best choices.

Turning to the housing market, the CMA will provide an update on the housebuilding market study and work in the rented accommodation sector in August.

Further, it revealed it will launch work in at least two new areas it considers in need of further investigation as part of its ongoing crackdown on misleading consumer practices.

Ofcom

Melanie Dawes said Ofcom will take action to push suppliers who have yet to introduce social tariffs to offer them in the broadband and mobile markets, as well as waive fees for any customers who want to switch providers to access a social tariff.

It will push suppliers to take immediate steps to raise awareness of existing social tariffs and drive take-up, plus publish a report on its current review of in-contract prices to ensure billpayers are aware of what they are signing up to.

Ofwat

David Black said Ofwat will crack down on water companies not going “far enough” to support customers to pay their bills, access help and repay debts. This will include assessing water company compliance with Ofwat’s paying fair guidelines, and where companies’ approaches are found to be insufficient, it will set out clear actions in July for improvement.

Next year, Ofwat will also set out clear and binding license conditions for every water company on how to treat their customers, including those in vulnerable circumstances.

Further, water companies will be held to account over delivering existing social tariffs for those unable to pay water bills, as well as allowing billpayers to apply for payment holidays and offering support to those on low-incomes.

Lastly, it will ensure targeted support for vulnerable customers by improving data sharing, such as those struggling with bills (along with Ofgem).

Ofgem

Jonathan Brearley said Ofgem will ensure all suppliers are passing falling prices onto billpayers, keeping the price cap formula under review to ensure it mirrors the costs facing suppliers.

Brearley said it will strengthen protections and support for the vulnerable by mandating the Code of Practice on prepayment meters and ensuring that suppliers are able to offer Additional Support Credit (ASC) to prepayment meter customers in need.

It will also scrutinise supplier finances as the sector begins to move from loss making back into profit. Brearley said the regulator and Government moved quickly to stem losses and protect customers when prices were rising sharply and expects suppliers to act “responsibly and in the interests of their customers as prices fall and profits return”.

“This includes ensuring they deliver good service standards and support the most vulnerable customers. Those who are not yet meeting new capital requirements should retain profits rather than pay out dividends,” Brearley said.