Energy brokers’ battle against phishing risks and claims pressure

Posted at August 26, 2023 » By : » Categories : News » Comments Off on Energy brokers’ battle against phishing risks and claims pressure

The Interim Chief of The Energy Consultants Association has drawn attention to the unregulated energy claims industry’s susceptibility to phishing threats.

In an interview with Energy Live News, while discussing recent allegations against energy brokers and consultants, the chief emphasised the necessity for regulatory oversight in this sector.

Mr Chris Shaw said: “I remind everybody that claims management businesses have to be regulated by the claims management regulator. However, when the claims management regulations were set up many years ago, the government and legislative eyes were on motor claims, personal injury claims and farming businesses and they didn’t include energy claims businesses.

“So these businesses operate in an unregulated marketplace. Our members tell us of allegations of data being used that appears to have been bought or taken illegally. We see phishing exercises where the same legal letter goes to multiple brokers because they don’t know who’s actually introduced the customer.

“So they just try and send it to everybody to see if anybody’s silly enough to respond.”

Commenting on the winter outlook projections for business energy costs, Mr Shaw stated, “It feels that the marketplace is a lot more stable and it feels that the system and this is just my personal view, but it feels like the system is better prepared for shocks.

“It feels as though it’s a much better or it’s likely to be a much more stable, much better winter.”

Click the podcast to listen to the full interview.

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