Martin Lewis warns over British Gas, EDF, OVO, Octopus rule and customers say 'it's sickening'

James Rodger

14 June 2024 at 1:37 am·2-min read

Martin Lewis has said "yes and no" as the BBC Sounds and ITV star reflected on current Ofgem regulations. The Money Saving Expert spoke out to fans and followers on Twitter, now X, over standing charges, which he has frequently campaigned against.

Mr Lewis said: "Quite a few people saying to me 'Ofgem are in charge of standing charges, not the govt'. Yes and no. It is under the current regs as it is responsible for setting the price cap, and that sets most firms standing charges. Yet govt, via parliament is omnicompetent, it could.

"For example, it could change Ofgem's remit, change legislation on how price cap should work (it was govt that set up the fact their was a price cap, and that Ofgem should implement) and at the the extreme, scrap Ofgem and set up new regulator.

"So ultimately while in current regime Ofgem acts independently under the rules, govt can change the rules or change the regulator if it decided that was in the country's best interest." The warning to British Gas, OVO, EDF, EON Next and Octopus customers came over social media.

"Sort the daily standing charge out Martin. It's absolutely exorbidemt," a fan replied. "Ofgem is useless," another said, adding: " If they really wanted to help the people they should have capped the unit rate and the standing charges.

" Those approximate figures they kept capping are complete rubbish and I believe many were paying much more." Another wrote: "And those of us unfortunate enough to be trapped in communal heating schemes aren’t protected. Last bill for me - £45 on gas, £400 standing charges as it’s £3.71 a DAY plus a 30p admin fee a DAY! Sickening"

"but will they. and if they do, how long will it actually take to do it ? by end of this year or end of the 5 year run labour (if they win) will get before the next election," another asked.

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