Blog
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.
Build the right path – Aligning change to business strategy
As businesses become more dynamic and creative, adapting to numerous customer and regulatory factors; often change initiatives can emerge that seem a great idea – but don’t fundamentally align to the strategic direction of the business. The result is a business busy delivering change, but not getting where it wants to be.
Most suppliers missed smart meter targets in 2023
Despite a steady increase in the market-wide % of smart meters, our analysis shows a wide variation in supplier performance, with some installing as little as half of their 2023 target. If suppliers continue to miss their annual targets, the government's goal of 74.5% coverage will not be reached by 2025.
Motor Finance Complaints – Preparing for the 'new PPI’
Car finance DCAs have grabbed a lot of headlines already this year, with an estimated industry cost of £6bn to £16bn. Associated complaints present a major servicing challenge over the next six months, and businesses should be preparing to manage a substantial influx.
Avoiding customer service ‘black holes’ when embedding AI
Nearly all of our regular clients have told us they’re aiming to use more AI-driven solutions in 2024. Every single transformation plan or roadmap we’ve reviewed this year includes it to some degree. But which use case is most likely to deliver efficiencies and cost-savings, without unnecessary disruption – or even the unintentional creation of a customer service ‘black hole?’
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