Comparison sites must be clear and honest with consumers
The energy industry welcomes new rules to make sure price comparison sites are as transparent as possible with consumers.
Price comparison sites are now the most popular way for consumers to shop around for energy. The sector is becoming more competitive and there are now more companies than ever before. If websites are not displaying all the deals on offer it hampers the industry’s efforts to give consumers as many options as possible.
Companies have made transparency a priority and regularly submit their accounts to Ofgem. Bills are now easier to read, companies tell customers if they offer cheaper deals and wholesale market reports are published on a monthly basis. As important contributors to the sector, it is vital switching sites play their part by being open with customers about their commissions.
Lawrence Slade, chief executive of Energy UK said:
“With new, cheaper tariffs being introduced these rules will make it easier for customers to shop around and are a step in the right direction for consumers. The industry has called for comparison sites to be clearer about their commissions for some time. All stakeholders in the market have to be completely honest with consumers if we are to rebuild trust.”