Six big energy suppliers told to refund unclaimed money to customers
Upon finding out that six energy suppliers have not refunded the money owed to their customers which has amounted to £153 million, the regulatory agency Ofgem has ordered the companies to refund the amount to their customers failing to do which will make the firms face legal consequences.
Customers who are owed about £50 each fail to claim the money due to them or move homes without a forwarding address, which has amounted to £153 million. The companies have not taken any initiative to make a refund resulting in the huge accumulation. Ofgem has also encouraged the customers to make a claim for the amount due to them.
A customer can make a claim at any time and there is no stipulated time within which they have to claim in order to get the money. However, the customers will be given a two year period within which they are expected to make their claim. If they fail to do so, the money will be spent on vulnerable customers in the future. Albeit, the old customers will get their claims settled at any point of time in future when they contact the companies.
“This money has been left behind, and we are urging former customers to come forward and make a claim,” said Angela Knight of Energy UK.
“Suppliers must now do everything within their powers to return the money and prevent a similar situation from happening again,” said Dermot Nolan, CEO of Ofgem. He also said that failing to abide by the instructions of Ofgem will result in the companies facing enforcement and further action.
The companies who are on the list include EDF, SSE, Scottish and Southern, E.On, British Gas and Npower. The authorities also said that funds should not be let to accumulate like this in future.