“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.”
As the UK’s largest business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.