Energy industry regulator, OFGEM, has amended the information energy suppliers must provide to customers, in regards to the Cheapest Tariff Message (CTM). Concluding that energy suppliers should include open Collective Switches in their CTM.
Since April 2014 energy suppliers have been obliged to inform their customers whether they’re on the cheapest tariff or whether they could save money by switching to another one of their tariffs – acting as an information tool, prompting consumers to engage and make informed choices.
This information should feature on key supplier communications including bills, annual statements, end of fixed term notices and price increase notices. Have a look on some of your most recent correspondence from your supplier, you should be able to clearly see whether they can offer you a better deal.
The Development of Collective Switches
A recent change in to how Collective Switches are ran prompted OFGEM to review supplier practices and CTM. Previously, customers registered for a Collective Switch and then the registration period would close and a winning bid would be announced.
Now, more and more, bids from Energy Suppliers are announced and then the deal is available for more people to sign up to for a certain period of time. OFGEM have decided that this information should now be displayed on all energy suppliers’ correspondence with their customers. Meaning if your supplier wins a Collective Switch bid with a tariff cheaper than the one you are on they will have to let you know.
If you would like to read OFGEM’s open letter to suppliers, click here.
Energylinx welcome OFGEM’s decision and would like to remind customers that they can compare their energy tariff against the whole of the market by using our free and impartial energy comparison and switching tool. Click here to see what you could save today.