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Energy firms to refund three million households | Energy firms to refund three million households |
(1 day later) | |
An estimated three million households are being told to reclaim money they are owed by the big six energy suppliers. | An estimated three million households are being told to reclaim money they are owed by the big six energy suppliers. |
The firms have launched a campaign to hand the money back, after being told to do so by the regulator, Ofgem. | The firms have launched a campaign to hand the money back, after being told to do so by the regulator, Ofgem. |
On average, customers are owed around £50 each. Typically that money got left behind when they switched supplier. | On average, customers are owed around £50 each. Typically that money got left behind when they switched supplier. |
Ofgem warned the companies that unless they make good progress with refunds, they will face enforcement action. | Ofgem warned the companies that unless they make good progress with refunds, they will face enforcement action. |
Over the last six years the large energy firms have accumulated £153m, which remains to be claimed by customers. | Over the last six years the large energy firms have accumulated £153m, which remains to be claimed by customers. |
Often that is because customers have changed supplier, or moved home, and not left a forwarding address. | Often that is because customers have changed supplier, or moved home, and not left a forwarding address. |
Enforcement | Enforcement |
If the money is unclaimed after two years, it will be used to help vulnerable customers. | If the money is unclaimed after two years, it will be used to help vulnerable customers. |
However, customers have no limit on when they need to claim by. Any valid claim will always be refunded, however old it may be. | However, customers have no limit on when they need to claim by. Any valid claim will always be refunded, however old it may be. |
Anyone who thinks they may be owed money is advised to visit the website www.myenergycredit.com. | Anyone who thinks they may be owed money is advised to visit the website www.myenergycredit.com. |
"This money has been left behind, and we are urging former customers to come forward and make a claim," said Angela Knight, the chief executive of Energy UK, which represents the suppliers. | "This money has been left behind, and we are urging former customers to come forward and make a claim," said Angela Knight, the chief executive of Energy UK, which represents the suppliers. |
But the regulator warned the firms that they not only have to make progress in getting the money returned, but they must stop such build-ups in the future. | But the regulator warned the firms that they not only have to make progress in getting the money returned, but they must stop such build-ups in the future. |
"Suppliers must now do everything within their powers to return the money and prevent a similar situation from happening again," said Dermot Nolan, the chief executive of Ofgem. | "Suppliers must now do everything within their powers to return the money and prevent a similar situation from happening again," said Dermot Nolan, the chief executive of Ofgem. |
"Failure to deliver on the initiatives announced today could trigger further action by Ofgem, including enforcement." | "Failure to deliver on the initiatives announced today could trigger further action by Ofgem, including enforcement." |
He said progress was necessary if the big six were to rebuild customers' trust and confidence. | He said progress was necessary if the big six were to rebuild customers' trust and confidence. |
The big six are: British Gas, EDF, SSE, Scottish Power, E.On and Npower. |
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