Ofgem have finalised their proposal for driving up customer service standards for existing suppliers.
While growing suppliers are able to offer the innovative products and low prices, some are struggling to keep pace with the larger, more competitive suppliers on the market.
With added demands placed on suppliers during the coronavirus lockdown, it is now extremely important suppliers remain resilient, treat their customer base fairly and are supporting those who need it most.
If growing suppliers fail to meet financial obligations while being able to effectively serve their customer base, Ofgem could stop them from taking on new customers.
Mary Starks, Executive Director of Consumers and Markets, said:
"Now more than ever we need to ensure that suppliers are set up in the right way to treat customers fairly and meet the challenges of today’s energy system."
"These proposals will drive up suppliers’ customer service standards and lead to greater resilience in the sector, whilst reducing the risk and costs to consumers associated with supplier failure.”