“It’s very encouraging to see Ofgem embracing a number of the recommendations relating to TPIs that we set out last year.
“Empowering firms to shop around effectively, giving them a meaningful cooling off period immediately after they’ve put pen to paper, increasing transparency around fees and ensuring access to dispute resolution services will all help to improve standards in the industry and protect firms from being ripped off.
“We would, however, like to see further action. Today’s measures are a necessary starting point, but they are not sufficient.
“Honest brokers provide an incredibly important service to small businesses, particularly at a time when cash reserves are depleted and the future still looks uncertain. That’s why Ofgem should follow this intervention with additional steps to regulate TPIs, thereby promoting trust in them, and fully protecting small businesses from cowboy providers.”
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