LONDON, April 22 (Reuters) - Britain will overhaul energy regulator Ofgem, the government said on Wednesday, granting it new powers to enforce consumer law and ban executive bonuses. The government
Britain Overhauls Ofgem: Regulator Gets Power to Ban Executive Bonuses, Enforce Law
Government Announces Major Reforms to Energy Regulation
LONDON, April 22 (Reuters) - Britain will overhaul energy regulator Ofgem, the government said on Wednesday, granting it new powers to enforce consumer law and ban executive bonuses.
Restoring Confidence in Ofgem
The government hopes the changes will help restore consumer and industry confidence in the regulator which has been criticised for not acting quickly enough to protect consumers amid high energy prices.
New Powers for Ofgem
Direct Enforcement of Consumer Law
Under the changes, Ofgem will gain the ability to enforce consumer law directly, bypassing what officials called a "lengthy courts process" when companies treat customers unfairly. The regulator will also be empowered to ban bonuses for energy executives who break the rules.
Executive Bonuses Ban
Energy Secretary Ed Miliband said the measures amounted to "tough and fair" action to fight for consumers' rights.
Streamlining Ofgem's Remit
Transfer of Home Upgrade Schemes
Creation of the Warm Homes Agency
The reforms will also streamline Ofgem's remit by transferring oversight of home upgrade schemes to the new Warm Homes Agency.
(Reporting by Susanna Twidale; Editing by Alison Williams)
