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What happens during transfer to another energy supplier?

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What happens during transfer to another energy supplier?

What happens during transfer to another energy supplier?

What happens during transfer to another energy supplier? On receipt of a customer’s signed contract, the energy supplier will normally write (at some point) to confirm details and enclose the T&Cs.  Sometimes this is known as the ‘Welcome Pack` or a letter.  At the same time, the new energy supplier will apply through an independent agency, to take over the supply. The old energy supplier may object because of : a) A debt on the account. b) The customer is still in contract on the day the new energy supplier has applied to take over. b) No TERMINATION NOTICE was received, received too early, or received too late. On further checking, the date issue can normally be resolved, but an aged debt must be settled before the old energy supplier will release a customer. If timely TERMINATION NOTICE was not provided, then the old energy supplier is normally entitled to block the transfer.  We contact you 7 days before the transfer date to request a meter read. We also ask you to forward a copy of your final billing, which we reconcile with the first bill from your new supplier.  In our experience around 30% of transfers have meter related problems – so we carry on checking until we are satisfied. Energy4 do most of the work in regards to the switching process but you need to send a letter of termination to your existing supplier in order to avoid being rolled over by them You need to find out what your suppliers rules are about termination as each supplier has their own T&C’s you signed up to The easiest way to switch suppliers is to let us do the work and you sit back and look after your company From 1 May consumers will automatically receive £30 if they experience delays or mistakes when switching supplier New compensation requirements from Ofgem will protect consumers and further boost confidence in the switching process This follows switching compensation payments introduced last year, which have already delivered over £700,000 to customers Customers will receive an automatic £30 payment from suppliers if they are switched by mistake, if their switch takes longer than 15 working days, or if their final bill doesn’t arrive within 6 weeks1. The new requirements, which come in on 1 May, will give customers further peace of mind that they will be compensated if something goes wrong when they switch. They should also serve as a wake-up call for suppliers to cut out problems for customers and get switching right first time. From 1 May 2020, customers whose switch does not complete within 15 working days, or who are switched by a supplier by mistake, will receive the payment from the new supplier. The supplier the customer is switching away from must pay out if it fails to issue a final bill within six weeks of a switch. Ofgem introduced the first batch of compensation payments last year2, meaning suppliers must pay out if they fail to meet minimum standards around spotting and correcting mistaken switches, or refunding credit balances to customers. Since then, customers have already received over £700,000 from suppliers. Of these payments, 27% have been for mistaken switches, while 73% have been for late credit balance refunds. Mary Starks, executive director for Consumers and Markets at Ofgem, said: “More customers are switching than ever, with a record 6.4 million changing supplier in 2019. But we also know that a minority can still experience problems when they switch. “As part of our commitment to protecting consumers and enabling competition, we are introducing these new standards to give customers further peace of mind, and to challenge suppliers to get it right first time. “Going forward, we will continue working with suppliers and consumer groups to deliver our programme for faster and more reliable switching and ensure these arrangements are fit for the future”. Minister for Energy and Clean Growth Kwasi Kwarteng said: “We’ve made it easier than ever for consumers to shop around and record numbers are now switching suppliers to save on their bills. “These tough new standards will ensure switching is as smooth as possible and consumers are always protected.” Notes 1 – In September 2019, Ofgem consulted on these new compensation payments (known as Guaranteed Standards), and published the final decision on 12 February 2020. The new standards will take effect from 01 May 2020. 2 – These new Guaranteed Standards are part of Ofgem’s programme of work to deliver faster and more reliable switching. In 2019 Ofgem introduced the first tranche of Guaranteed Standards, requiring suppliers to pay compensation if they fail to meet minimum standards regarding how promptly credit balances are refunded to customers, as well as forcing suppliers to pay compensation if they were too slow in identifying, rectifying, and notifying customers of “erroneous transfers” (when people are switched by mistake). Both the gaining supplier and the losing supplier must pay compensation if they fail to agree that an erroneous transfer has occurred (within 20 working days), if the contacted supplier fails to provide notification to this customer of this decision (within 20 working days), and to the customer’s original supplier if they fail to re-register the customer promptly (within 21 working days). This first tranche of Guaranteed Standards took effect on 1 May 2019. The new Guaranteed Standards introduced in May this year in the second tranche will require the gaining supplier to make a compensation payment if a customer is erroneously switched to them. This Guaranteed Standard was held over from the previous tranche in order for us to identify which supplier was most likely to be responsible for an erroneous switch. Contact Energy4 today for further information Location: 25 Hartley Meadow, Whitchurch, Hampshire, RG28 7BW Opening Hours: 8:00 – 17:00 Mon to Sat To discuss further, please contact Energy4 Telephone: Call us on 01642 888814 & 01642 888816 Email: contact@energy4.co.uk Please provide the best date and time of day that we should contact you Click here to contact Energy4 today Contact Energy4 today for further information OfGem information What happens during transfer to another energy supplier? What happens during transfer to another energy supplier? 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