The energy regulator has introduced tougher tests for new suppliers after a high number of companies went bust during the past year.
The tests will come into force in June and applicants will have to prove they have sufficient funding for their first year and a customer service plan. Directors and major shareholders will also have to pass a"fit and proper test" before they are granted a licence.A consultation will be held during the summer regarding new measures for existing suppliers.These include new reporting requirements and rules around how suppliers manage customer credit balances.
The regulator said:"Over the last decade more consumers have benefited from competition in the energy market, which has driven down energy prices, helped to raise customer service standards and provided more choice.
Here's an idea .. stopping giving the top bosses massive pay rises and bonuses
What about the bill payers
Oh it’s brilliant from the regulators - what could the energy industry possibly need? Oh yes that’s right MORE barriers to entry. Do me a fucking favour.