Ofgem has proposed the regulations to protect customers and make firms more resilient after a number of electricity suppliers went bust and cost taxpayers billions
The proposals have already come under fire from electricity suppliers, particularly the absence of a requirement for suppliers to ringfence all customer credit balances.owner Centrica issued stinging criticism for this omission and warned lessons have not been learned from the Bulb liquidation.
"We identified this as a major risk to consumers in 2016 - years before the energy crisis - and Ofgem promised to fix this. Ofgem's chief executive said there was a difficult balancing act to be done to ensure costumer protection while not placing undue restrictions on firms and hinder investment.
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