The UK government has announced new regulations aimed at strengthening consumer rights in the energy sector, particularly focusing on energy brokers and price comparison websites. This move comes in response to growing concerns about predatory practices that have been affecting families and small businesses across the country.

Zoisa North-Bond, CEO of Octopus Energy for Business, has been a vocal advocate for tighter regulations in the energy broker market. In her comments on the recent announcement, she expressed satisfaction with the government’s decision to implement more rigorous protections. “We’ve been campaigning for more rigorous protections in the energy broker market for years, and it’s great to see the government ramping up regulation to make the market fairer,” North-Bond stated.

The introduction of these regulations is particularly timely, as small businesses in the UK are grappling with some of the highest energy prices in Europe. North-Bond highlighted that many of these businesses are already under financial strain and should not have to contend with brokers who may exacerbate their costs through questionable tactics.

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Currently, over a third of British businesses rely on brokers to navigate the energy market, often missing out on more favorable deals directly from suppliers. By eliminating the middleman, businesses can potentially save money and gain greater transparency regarding their energy expenses. North-Bond emphasized the importance of this shift, noting that it allows businesses to have full control over their energy costs.

As the government moves forward with these regulations, the focus will be on ensuring that consumers are better protected from exploitative practices and that they have access to fair pricing in the energy market. The changes are expected to foster a more competitive environment, ultimately benefiting both consumers and businesses alike.