It’s been an incredibly tough few years for small businesses, we know, we’re one of them. The energy crisis has added even more pressure to that, but there’s been a scandal over the past decade that will have hurt businesses just as much, perhaps without them even knowing it. Let’s start to right a wrong today and get some cash back on your balance sheet!
Was My Business Energy Mis-Sold?
Millions of UK businesses have relied on energy brokers to manage their energy needs, functioning as intermediaries between your business and the supplier. Brokers are legally obligated to reveal any commissions received at the point of sale and in the contractual paperwork. An investigation by Ofgem found that there has been industry wide mis-selling where transparency has failed. If your business has used an energy broker and you weren’t told of the commission and how much it was, then you could be one of the millions of business due a considerable amount of compensation
How Much Compensation Can I Receive?
The compensation you are entitled to will depend on the specifics of your individual claim, including your industry, the length of your business energy contract, how long you have been under it, how much it costs you, and the form of mis-selling that took place. Our claim expectations range from £2,500 to over £2 million with the average claim being around £25,000.
Even very small businesses like corner shops, local pubs, garages etc. can be be due significant amounts, even more so if you use a lot of energy. As a rough estimation and guide you can look at 20% of your total energy bills over all the years that you were affected.
How Are The Brokers Mis-Selling Energy?
OFGEM, the regulatory body for energy identified instances of deceptive sales practices in the business energy sector, primarily due to a lack of clarity. The issues involved energy brokers and intermediaries who engaged in the following practices:
- Concealing commission fees, which could reach up to 50% of the customer’s business energy expenses, without disclosing the cost or documenting it in the contract during the point of sale.
- Presenting only one business energy option to clients while claiming to have conducted a comprehensive market review.
- Binding customers to lengthy, multi-year agreements without disclosing the duration of the contract at the time of sale.
Would you have signed an energy contract where 50% of what you were paying each and every month went to the broker? Brokers can have a very important role to play in reducing the cost of energy, but the commissions they have been achieving can be extortionate and this is the reason why so many commissions have been hidden.
Why Make a Claim with SortMyCash?
At SortMyCash, we are dedicated to helping our clients with all things financial. By making a business energy claim through us, you can receive compensation for the mis-selling of your energy and put right the wrong that was done to you. We work tirelessly with our partners to get justice and help change industries for the better. Brokers are legally required to disclose the commissions to their clients and only by addressing the situation and not letting those who fail to do this be rewarded with extortionate commissions, can we get the industry more open, honest and fair for the future.
Mis-sold Business Energy Claims
What Businesses Can Claim?
Any business that pays their own energy bill and has used a broker in the past 10 years can look to make a claim. Our expert partners can handle claims large and small, so whether you’re a corner shop, a barbers, a garage, retailer, a data centre or a manufacturing plant we can help.
What Do I Need To Make A Claim
Let’s be clear, even with the considerable sums that are involved, we know your time is precious. So we make the process as simple and hassle free as possible. All we need is the following:
- The name of the energy broker that you used
- Copies of the supply contract (invoices if you don’t have these)
Let’s Get Started
It’s time to right the wrong. If there’s a possibility that you’ve been mis-sold, simply fill in our 30 second online form and we’ll sort everything to check and then pursue your claim. Alternatively, you can email us on EnergyClaim@SortMyCash.co.uk.
If you do want an ethical business energy broker who will save you money AND disclose the fees they receive for your service, please contact us on info@SortMyCash.co.uk and we’ll ensure you are put in safe hands.
Understanding Hidden Commissions In Business Energy Contracts
Signs Your Business Energy Contract May Have Been Mis-sold
Check if Your Business Energy Contract Has Hidden Commissions
Business Energy Mis-selling Claims Frequently Asked Questions FAQs
Role of Energy Brokers and Suppliers in Mis-selling
Business Energy Claims Blog