23 Jun 2021

Mis-selling is Biggest Energy Industry Payout Over Last 10 Years

Mis-selling has been the biggest energy industry payout over the past 10 years, highlighting the problem of energy brokers in the market.

Business energy claims are a growing trend as millions of companies across the country become aware of mis-selling within their own energy contracts which can see them paying thousands more than they need to.

As of 2020, there were six million private sector businesses in the UK, according to the House of Commons Library, up by 112,700 compared to the previous year. With over 2,000 brokers involved in the selling of business energy contracts, this is a sizeable market that could be affected, especially considering 90% of those who bought via a broker have been mis-sold these types of deals.

Energy firms have been forced to pay out £389m in fines and redress payments over the last decade; 25% fines to treasury and 75% redress payments.

When tallied up, they have had to pay back the equivalent of £100,000 a day, every day, for the last 10 years due to non-compliance with regulations.

Mis-selling was the number one reason generating the biggest total charges, totalling £40.5 million.

How can Winns help?

We have a dedicated team of legal experts on hand to help assess your potential claim and drive it forward to recover the costs of energy mis-selling, with a fixed fee charge, no upfront costs to pay and no costs should your claim be unsuccessful.

If you have used the services of a third-party energy broker to arrange your energy deals, get in touch with our team and they, through our partners at PanoServe, will provide a free, no obligation assessment of your relevant paperwork, utilising historic tariff data to provide you with a definitive answer.

Call Winns now

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