Exciting news (it is if you’re in Team Bulb), Ofgem has opened up a consultation on making switching energy supplier take 1 day by default.
We think this is a great idea. It will mean that people who move into a new home won’t be stuck on a deemed tariff for 3 weeks, and it will hopefully make switching seem less intimidating too. Plus, people are less likely to forget to give a meter reading if they can do it when they’re starting their switch.
But it will mean that there won’t be a meaningful cooling off period to review T&Cs in. Switchers would have to either read it before switching, read it quickly after, or not read them at all. Maybe Ofgem could have a 14 day period after switching where suppliers can’t charge an exit fee.
What do you think? Is this good news?
Here’s Ofgem’s statement on it - https://www.ofgem.gov.uk/publications-and-updates/delivering-faster-and-more-reliable-switching-proposed-new-switching-arrangements