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Energy debt hits record £3.8bn, as Ofgem propose initiatives to raise standards
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Consumer inflation was greater, later and longer-lasting than figures suggest
Official inflation figures aren’t fully reflective of how energy bills impact some consumers based on when they use energy, and how they pay – we’ve crunched the numbers. By adjusting the CPI to account for real changes during the energy crisis, we show when the real peak was likely to be, why this varies by payment method, and how this lines up with recent debt trends.
Vulnerability: Call to design for outcomes, not products
With the FCA's vulnerability review underway, firms should be assessing their ability to evidence the delivery of good customer outcomes. And product design is one area we feel this is often overlooked. The FCA have clearly stated proactivity is crucial, and we've already seen the successes of firms who've prioritised vulnerability in the early stages of design.
Closed Products – Firms must be ready for increased scrutiny
It's just over three months until the FCA's Closed Products deadline passes - Consumer Duty's final milestone. Firms should expect pressure to ramp up on evidencing compliance, across all areas of the Duty. It's critical to know which levers to pull in the build-up to reduce risk, which you'll find in this blog.
FCA's Financial Lives report reiterates need for proactivity
We've seen cautious optimism surrounding the FCA's latest Financial Lives report. But there's a lot to be said about how customers are perceiving the outcomes of financial support - particularly with the FCA circling on how firms are treating vulnerable segments.
Complaints are an increasing burden for non-domestic suppliers
Energy suppliers will need to offer enhanced complaints services to more than 200,000 small businesses under new Ofgem rules, BFY estimates. The Complaints Handling Standards (CHS) are expanding from December 2024 to cover both micro and small businesses, and as volume increases, some will need to adapt more than others, to build the required maturity for higher demand.
Choosing a tariff is complex – How can suppliers provide clarity?
As wholesale energy prices begin to fall, we’re starting to see murmurs of activity in what’s been a very low-activity switching market. And the pace looks set to increase following Ofgem’s April price cap, alongside the cessation of the market stabilisation charge – which previously discouraged suppliers from offering switching incentives.
Direct debit failures have reached an all-time high
Following on from last week’s look at the latest Ofgem debt figures, I wanted to dive deeper into the worrying number of £2.3bn of unsecured debt, up from £1.3bn a year ago.
Non-domestic Review: How should you prepare for change?
Non-domestic energy customers will be entitled to better customer service, more support resolving disputes, and greater transparency in a raft of new measures announced by Ofgem. And be aware – it wants action fast.
Energy suppliers face a third party complaints problem
Energy complaints increased in the latest data, and although volume is normalising at pre-pandemic levels, there’s a concerning trend emerging with third party involvement.
Energy debt reaches another all-time high
Ofgem has now published their Q4 view of domestic debt in the energy industry and once again it makes for concerning reading. The material increase in the levels of unsecured debt to £2.3bn is a real worry and while falling prices are a welcome trend, suppliers need to get back in control by focussing on the factors that will reduce long term harm.
Working at BFY – Ed’s Development Journey
In our ‘Working at BFY’ blog series, we’ve asked our people to share their stories since joining the team, showcasing their achievements so far and what they’re aiming for next. Ed joined BFY in 2020 from a Finance role in the Energy industry, and has been on a progressive journey since then.
Collections in Water – Exceeding Ofwat’s expected outcomes
Water customers have seen their cost-of-living challenges amplified throughout Q1-24. It’s a concerning narrative largely driven by April’s expected bill increase, stats showing more customers are unable to pay, and most recently, the joint debt collection statement shared by the UK Regulators’ Network (UKRN) – in which Ofwat is prominent.
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