Ofgem drops plan to ringfence energy customers' credit balances
Ofgem drops plan to ringfence energy customers’ credit balances
Ofgem has ditched controversial proposals to make energy suppliers ringfence customers’ cash, provoking a furious response from Britain’s biggest supplier.
The energy regulator proposed in the summer that suppliers would be made to ringfence credit balances, after the failure of dozens of companies and the loss of hundreds of millions of pounds of their customers’ cash.
It said today, however, that it was “not proceeding” with this plan after concluding that …