Ofgem’s TPI Regulation Proposal – Senco Energy’s View

Third Party Intermediary Accreditation

In recent months, much has been said with regards to energy companies sales tactics and practices in the domestic sector. However, there has been little mainstream media focus on the commercial sector, often with the view that organisations are big and ugly enough to look after themselves.

Sadly, as many are aware this has resulted in a level of miss-selling on behalf of both energy suppliers and energy brokers/third party intermediaries (TPI’s) alike. Whilst the majority of TPI’s within the market act in a professional and trustworthy manner, unfortunately this cannot be said for all.

TPI’s play an important role in the energy procurement market, providing a route to market for many of the large ‘Big Six’ and smaller independent energy suppliers. With the reduced sales and operational support of many of the suppliers, TPI’s provide an invaluable service, generating genuine competition within the oligopolistic energy supply markets.

For many years the industry has been calling for Ofgem to implement and maintain a code of practice, which now appears to have taken a move in the right direction.  Regulation is required to provide greater levels of transparency whilst ensuring customer satisfaction throughout the complete process.  Here at Senco Energy, we strongly support Ofgem’s proposed TPI accreditation scheme and feel it can have great effects in regenerating trust within the marketplace.

Of vital importance is that SME organisations are aware of supplier practices especially roll-over procedures and the damaging effects this can have on their overall energy expenditure.  A sensible energy consultancy, with relationships with key UK suppliers will take the time and care to fully understand an organisations requirements, communication key messages from day 1 in a transparent and effective manner.

Despite the proposed regulations not yet coming into effect. Here at Senco Energy we have developed and strictly adhere to our own Energy Code of Practice. Should you have any questions or queries regarding our CoP of the wider scheme proposed by Ofgem, please do not hesitate to contact us directly.