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09/03/2012
EDF Energy Offers £4.4m Package Following Ofgem Investigation
EDF energy has offered to pay a £4.5 million package to vulnerable consumers after an Ofgem investigation found that the energy firm had breached its marketing licence conditions.
The size of the payment reflects the constructive and cooperative dialogue with Ofgem that EDF Energy maintained throughout the investigation. As well as the fact EDF Energy has accepted shortcomings in some of its sales processes identified by the investigation, which did not fully achieve the high standards that Ofgem’s tougher marketing rules, introduced in 2009, expect. Had this not been the case the firm would have faced a higher penalty.
Ofgem's Senior Partner in charge of enforcement Sarah Harrison said: "EDF Energy has done the right thing by stepping forward and recognising there were weaknesses in its sales processes. The firm also took the initiative to correct these problems during Ofgem's investigation. This is an important step forward and demonstrates a commitment by EDF Energy towards re-establishing consumer trust which we welcome.
"In the energy market in general much more needs to be done to restore consumer confidence and all energy suppliers should now get behind Ofgem's reforms to introduce a simpler, clearer and more competitive energy market."
Ofgem's investigation identified that EDF Energy had weaknesses in some of the processes and controls it used to ensure compliance with the rules governing clarity and accuracy of sales information.
(CD/GK)
The size of the payment reflects the constructive and cooperative dialogue with Ofgem that EDF Energy maintained throughout the investigation. As well as the fact EDF Energy has accepted shortcomings in some of its sales processes identified by the investigation, which did not fully achieve the high standards that Ofgem’s tougher marketing rules, introduced in 2009, expect. Had this not been the case the firm would have faced a higher penalty.
Ofgem's Senior Partner in charge of enforcement Sarah Harrison said: "EDF Energy has done the right thing by stepping forward and recognising there were weaknesses in its sales processes. The firm also took the initiative to correct these problems during Ofgem's investigation. This is an important step forward and demonstrates a commitment by EDF Energy towards re-establishing consumer trust which we welcome.
"In the energy market in general much more needs to be done to restore consumer confidence and all energy suppliers should now get behind Ofgem's reforms to introduce a simpler, clearer and more competitive energy market."
Ofgem's investigation identified that EDF Energy had weaknesses in some of the processes and controls it used to ensure compliance with the rules governing clarity and accuracy of sales information.
(CD/GK)
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