Posted on: 19/01/2016
Dermot Nolan, Chief Executive at Ofgem, has responded to comments in a national newspaper that the energy regulator is “too soft”.
In an open letter written in response to a leader column in The Times, Nolan pointed out that he had used the strongest sanction available to the watchdog shortly after taking office by referring the sector to the Competition & Markets Authority (CMA).
“The reason for the referral was that I believe the market was not working properly for consumers and we stand ready to implement the CMA's final remedies to ensure consumers get a better deal,” he said.
Nolan also said that Ofgem had imposed more than £200 million of fines since 2010, including £40m for mis-selling.
Record £26m fine
He added: “Yesterday’s leader claimed that Ofgem was too soft on the industry while producing no convincing evidence to support the case.
“The facts tell a different story.
“December's record £26m fine on Npower is a clear signal for the year ahead that we are determined to punish those companies that fail consumers through poor customer service and undermines your argument that we have gone soft on the industry.”
> Read Nolan's rebuttal
> Read the comment article