British Gas boss blasts rival Octopus demanding it be banned from taking on new customers
The boss of British Gas owner Centrica has called for a rival to be banned from taking on new customers – and dubbed the energy watchdog ‘criminal’ for failing to uphold its own rules.
Chief executive Chris O’Shea claims Ofgem has not acted against three firms understood to have failed to meet financial resilience targets, which he says poses a risk of firms going bust.
Ofgem has not said who failed the test.
However, Octopus, which supplies more than 7m households, confirmed it did not meet the targets for capital adequacy but had agreed a plan with Ofgem to reach the target, which meant it was not in breach of the rules.
Ofgem confirmed that firms which have agreed a plan to meet resilience targets are not breaching its rules and therefore do not need to suffer sanctions.
Complaints: Centrica chief exec Chris O’Shea (pictured) claims Ofgem has not acted against three firms understood to have failed to meet financial resilience targets
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.