Money Box
Ofgem Back Billing and Pensions and IHT
Mar 22, 2025
In this engaging discussion, Tim Jarvis, Director General of Markets at Ofgem, tackles the pressing issue of back billing in the energy sector—highlighting how this illegal practice has affected countless consumers. He urges for urgent reforms and better accountability among suppliers. The conversation also delves into looming inheritance tax changes on unspent pension pots, expected to impact many from 2027. Listeners are encouraged to rethink their financial strategies amidst rising living costs and forthcoming legislation.
25:07
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Quick takeaways
- Ofgem warns energy suppliers about the illegal practice of back billing, emphasizing the need for urgent regulatory compliance to protect consumers.
- Changes to inheritance tax in 2027 will affect unused pension pots, prompting individuals to rethink their financial planning for estate management.
Deep dives
Energy Suppliers Face Scrutiny Over Backbilling Practices
Energy suppliers have been warned they will face fines if they continue issuing bills for services rendered more than 12 months prior, a practice known as backbilling. Ofgem, the energy regulator, has emphasized that suppliers must comply with regulations established in 2018 to prevent such occurrences, yet violations are still reported. Many customers have expressed distress over receiving unexpectedly high bills, leading to financial strain and confusion over the legality of these charges. Recent investigations revealed systemic issues within the energy sector, prompting calls for urgent review and action to protect consumer rights.
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