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Energy Contract Experts help businesses reclaim money from energy bills
Did you know 67% of businesses in the UK have used an energy broker previously?
Did you know that a significant number of these contracts may have been mis-sold and businesses are owed money?
A recent report from the National Independent Energy Regulator (Ofgem) has revealed the misrepresentation of commission fees in electricity and gas contracts for companies in the UK. Energy brokers in the UK are currently unregulated and as such are not regulated to ensure they uphold their fiduciary duty to their customers. An article in the Guardian claims that some unscrupulous energy brokers may have overcharged small companies by up to £2bn by hiding their commission fees (often in the unit rates of companies electricity and gas contracts).
According to Ofgem, 67% of businesses use energy brokers to procure their supplies, this unregulated market has led to predatory behaviour from some energy brokers whose financial incentive conflicts with their responsibility to provide the best rates to their clients. It has been found that up to 50% of a company’s bill can be hidden commission to their broker.
Historically, compensation for the work of an energy broker can be paid in an upfront sum for their work or in the form of a commission added to the price of a company’s bill. The primary issue with these commissions is that the commission is often undisclosed, enabling predatory practices such as promoting a worse contract that may hold more commission for the energy broker.
With over 20 years combined experience in the energy sector, we at Business Utility Refunds are experts in energy contracts & broker practices. We have seen a growing number of cases where companies are unaware of hidden commission in their contracts. It is encouraged to have any electricity and gas contracts from the last 6 years evaluated to discover any discrepancies with the unit rates to uncover if there is a commission hidden within them that wasn’t sufficiently disclosed.
While many energy brokers are complicit in these predatory behaviours, there are energy brokers who act faithfully to their customers and provide them with comprehensive breakdowns of their compensation and the options available to the customer. Unfortunately, these ethical brokers make up but a small percentage of the market and are out competed by brokers who disregard their fiduciary duty to their clients.
In some cases, the contract supplied by a broker may look like the best contract for that company, however, regardless, it has been found that there likely will be some form of hidden commission. It may even be presented as a saving, but the inclusion of hidden commission fees means that the unit rates could in fact be better.
With the recent increases in electricity and gas prices, the financial burden on companies has only grown and the effect of hidden commission fees is more relevant than ever. We are encouraging all businesses to get in touch for a free evaluation to see if we can help you claim back money that has been hidden in your previous contracts.
For further information, it is recommended to read The Guardian article and the Ofgem report;
Member to Member Offer
Business Utility Refunds is offering a free evaluation of all electricity and gas contracts from the past 6 years to all Chamber members and those who Chamber members refer, who have used an energy broker, to uncover if the energy broker has hidden commission fees in their unit rates, that can be recovered.
For more information, please contact Marc Harries at 0151 637 1300 or at [email protected]
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I would highly recommend chamber membership to any Dunbartonshire business. The chamber works hard to make connections and generate profile for its members and SHBT have enjoyed a number of benefits over the years.Elizabeth Mackay, SHBT