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Loan charges: Brits 'losing trust in energy firms'

British consumers are becoming increasing distrustful of energy companies as bills continue to rise at the same time as profits, according to a leading expert.

Adam Scorer, director of policy and external affairs at Consumer Focus, made the announcement as one of the UK's biggest energy suppliers revealed that its half year profits grew by 38.3 per cent shortly after putting up its gas and electricity prices up by nine per cent.

He concedes that energy firms do need to make profit so they can invest in their infrastructure, but action needs to be taken to reinstall trust in the sector.

"The information that all energy firms are required to provide must be fully transparent, comparable, and include profit and trading information from across the whole of their business," he said.

He insists that the government and regulators should ensure that consumers can take simple actions to save them money on their bills by making the market less complex, as well as implementing further energy efficiency measures. This could save people money to spend on other expenditures, such as loan charges.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801487692-ADNFCR



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