Regulate energy brokers

The Issue

The commercial energy broker market is unregulated with the industry regulator OFGEM holding no power over them, and as a result mis-selling has become endemic. Brokers are mis-selling how they get paid, recommending long term contracts which cost more as it increases commissions, lying about how much of the market they are searching and lying about being impartial. It is behaving worse than the insurance markets ever did, it is genuinely like the wild west and businesses are not aware and they target businesses and charity's indiscriminately.

Most businesses are told that the service is free, or that the supplier pays for their help, some are not even told anything about how they are paid, but the truth is that brokers hide their commissions in the energy contacts they recommend, often costing the business thousands (some large businesses have lost hundreds of thousands and are completely unaware), it is affecting the price of everything we are buying as these businesses have to increase costs to cover it.

The practices of brokers is adding billions of pounds to client bills for well over 15 years, and the market is growing as there are such low barriers to entry. Businesses think they are being correctly advised by experts but that is so far from the truth, most of these "experts" are just trained in how to maximize commissions as they are no more than salesmen. The amounts these brokers are earning is scandalous, they are making millions without any recourse, and even though claims companies are operating in the sector and helping clients get money back.

The suppliers are totally complicit with this behavior, some relationships are nefarious to say the least. The contracts do not show commissions, nor do bills and when asked by clients about commissions they refuse to give the information passing it back to the broker to deal with who continues the cycle of lies.

The only way forward is regulation. If you care about business in this country then please sign this petition.

avatar of the starter
Mark DonPetition StarterI have been involved in helping business owners and decision makers to recover money for business owners and decision makers for over 3 years now. Its out of control and needs meaningful change.

263

The Issue

The commercial energy broker market is unregulated with the industry regulator OFGEM holding no power over them, and as a result mis-selling has become endemic. Brokers are mis-selling how they get paid, recommending long term contracts which cost more as it increases commissions, lying about how much of the market they are searching and lying about being impartial. It is behaving worse than the insurance markets ever did, it is genuinely like the wild west and businesses are not aware and they target businesses and charity's indiscriminately.

Most businesses are told that the service is free, or that the supplier pays for their help, some are not even told anything about how they are paid, but the truth is that brokers hide their commissions in the energy contacts they recommend, often costing the business thousands (some large businesses have lost hundreds of thousands and are completely unaware), it is affecting the price of everything we are buying as these businesses have to increase costs to cover it.

The practices of brokers is adding billions of pounds to client bills for well over 15 years, and the market is growing as there are such low barriers to entry. Businesses think they are being correctly advised by experts but that is so far from the truth, most of these "experts" are just trained in how to maximize commissions as they are no more than salesmen. The amounts these brokers are earning is scandalous, they are making millions without any recourse, and even though claims companies are operating in the sector and helping clients get money back.

The suppliers are totally complicit with this behavior, some relationships are nefarious to say the least. The contracts do not show commissions, nor do bills and when asked by clients about commissions they refuse to give the information passing it back to the broker to deal with who continues the cycle of lies.

The only way forward is regulation. If you care about business in this country then please sign this petition.

avatar of the starter
Mark DonPetition StarterI have been involved in helping business owners and decision makers to recover money for business owners and decision makers for over 3 years now. Its out of control and needs meaningful change.
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263


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Petition created on 10 February 2021