Energy Broker Hidden Commissions Have Been Bleeding Your Business Dry: Here’s How You Can Fight Back And Reclaim The Funds That Are Rightfully Yours
Today we are going to unveil the shocking truth behind energy brokers’ misleading tactics, and the financial harm being inflicted upon unsuspecting business owners throughout the UK.
The Office of Gas and Electricity Markets (OFGEM) recently carried out an investigation into what they called “unscrupulous broker practices”.
And they uncovered a startling revelation: it turns out that a whopping 90% of businesses in the UK have been misled and outright deceived on their energy contract.
This means that businesses like yours have been unknowingly shelling out thousands of pounds in hidden commissions, which has led to exorbitant increases in your energy costs
You see, these energy brokers have been playing a trick on hardworking business owners like yourself.
Picture this: every single time you flip a switch or use gas in your business, the energy broker gets a slice of the pie. A slice that they conveniently kept hidden from you, buried deep within the contract.
This scenario is exactly what energy brokers have been doing to businesses all around the UK – including yours.
They promised you great deals on business energy, but in reality, they were pulling the wool over your eyes; all along, they have been pocketing secret fees that should have been negotiated and transparently communicated to you.
But thanks to OFGEM, there is a glimmer of hope in this bleak situation.
They have gone ahead and given the green light for businesses in the UK to legally reclaim the hidden commission fees buried within these deceitful energy contracts.
So, what does this mean for you?
It means that if you have used a broker to source your energy over the past ten years (or even longer in some cases), you might be legally entitled to reclaim the hidden commissions, along with the interest for the duration of your energy contract.
In other words, your business could potentially receive tens of thousands of pounds in compensation.
Today, I’m going to walk you through exactly how energy brokers have been getting away with this, and what you can do to fight back.
Reading this today could mean the difference between your business keeping its lights on, or becoming one of thousands of UK businesses closing their doors for good.
If you’re already keen on staking your claim, you can simply click the link below. In 90 seconds or less, you can find out if your business is eligible to seek compensation for both your current energy contract and any previous contracts.
Keep reading to find out more on how this morally devastating deception was strategically being put in place – and how business owners can legally reclaim thousands of pounds from their Energy Brokers and Energy Providers.
It’s No Secret That Energy Costs Are On The Up
As a business owner, it’s incredibly tough to see your hard-earned profits being gradually eaten away by skyrocketing energy expenses.
Sometimes it feels like all you can do is sit back and watch your business buckle under the weight of these increasing costs.
If you’re feeling the pinch right now, you’re not alone – countless businesses all across the UK are grappling with the exact same challenge.
In fact, since February 2021, gas prices have gone up by a staggering 424%, while electricity costs have seen a whopping 349% increase on average. It’s an unprecedented surge that has caught everyone off guard.
You may have already heard about cases where bills shot up from £22,000 to a staggering £80,000 per year – a financial blow that’s hard for ANY business to recover from.
This massive spike in energy costs has really thrown a wrench into the plans of hardworking business owners like yourself.
Some have had to make tough choices, like increasing their prices, and losing customers in the process. Others have had to make painful cutbacks, leading to job losses among their staff.
Unfortunately, many have had to shut their doors completely.
Over the last few years, prices have been going up across the board – but why have electricity bills been rapidly outpacing other costs?
There’s More To Your Energy Costs
Than
Meets The Eye
Let’s take a quick look at the breakdown of an average energy bill:
In a high-level overview, there are three main parts to your business electricity bill:
- Wholesale costs: This refers to the cost of buying the energy from the suppliers.
- Network costs: These charges cover the transmission and distribution of electricity to your business.
- Government obligations: These are additional charges that support environmental and social initiatives.
Now, let me ask you something.
Do you see energy broker fees being openly represented in the above image?
No, that’s right, you can’t…and that’s intentional.
Behind the scenes, energy brokers have been helping many businesses like yours secure their gas and electricity contracts.
These brokers play a pivotal role in guiding business owners through the intricacies of the highly saturated, and occasionally bewildering energy supply market.
And with this responsibility, brokers are entrusted with a fundamental duty of care – to diligently source the most appropriate and cost-effective deals or, at the very least, provide transparent guidance on alternative options.
However, this is where things begin to fall apart. The current state of the energy broker market reveals a disturbingly pressing issue.
Insufficient regulation and a significant increase in the number of brokers have resulted in a concerning trend.
This trend involves the emergence of misleading statements about commission structures and the mis-selling of contracts, all stemming from a lack of transparency.
Sadly, many business owners are not aware that the brokers they trusted may have hidden commissions built into their energy contracts without clearly disclosing this crucial information.
And they’re paying the price – literally.
How Exactly Are Energy Brokers Mis-Selling To You?
What You Need To Know:
It’s important to note that while these practices I’m going to reveal today occur regularly, not all energy brokers engage in mis-selling.
There are some reputable brokers that have registered for self-regulation, in which brokers follow a strict code of practice to ensure transparency with their consumers.
Sadly though, this number is small – OFGEM has suggested that figure might be less than 10 percent of brokers in total that provide valuable services and act ethically.
So whilst there might be a small handful of brokers who are honest with you about their fees or payments, the vast majority have been lying to business owners – and that, more than likely, includes you.
They use commission models which are not always made known…and there’s normally a good reason for that.
These rogue operators are well aware that if they were to fully disclose their commission structures, they would not earn anywhere near the substantial commissions they do.
Would you willingly enter into a deal if you knew a significant portion of your bill was destined for the broker’s pocket? Of course you wouldn’t.
To mask this reality, brokers will often employ cunning tactics such as these:
The bottom line is that most brokers receive their commissions directly from the supplier they place you with. These commissions are cleverly embedded into the unit price they negotiate on your behalf.
Unfortunately, these details are often withheld, leaving you completely unaware of the true financial implications of your energy contracts.
This will often result in the majority of businesses like yours paying over-inflated energy prices, like this:
And with the same happening to your gas bill, the amount soon adds up year on year. For small businesses, this hidden commission can be crippling.
Most of the time, the business will be oblivious to the fact that it is effectively paying the broker’s commission…until it’s too late.
Some Industries Have Been Hit Harder Than Others
One of the hardest hit sectors in the UK has been the hospitality industry. You might have noticed that our nation’s pubs, the cornerstone of British society, are disappearing at an alarming rate.
Reports indicate that during the third quarter of 2022, a licensed venue was forced to close every hour in this country.
Sadly, there are no signs of this trend easing, with hospitality industry bodies warning more than one-third of the sector is at risk of failure in early 2023 due to the rising costs.
Celebrity chef Tom Kerridge recently revealed that electricity costs for his gastropub in Buckinghamshire have risen by 600%, with his annual energy bill soaring from £60,000 to a staggering £420,000.
And he’s not alone – energy costs have been a significant worry for businesses across the UK in 2022, as market gas and electricity prices have increased.
And here’s what some other UK restaurant and bar owners had to say:
This sneaky tactic has been shutting down businesses left, right, and centre – but you can make a claim and receive compensation to make sure your business isn’t the next to fall
Thanks to the inquiry by OFGEM, there’s now a way for businesses to fight back and recover their losses.
With the current economic crises, high energy prices, escalating inflation and the ongoing threat of a recession looming, you need to do everything possible to keep the lights on in your business.
Remember, this is money you are legally owed. We are helping hundreds of UK businesses take back what is rightfully theirs – and if you join them, it could be what keeps your business afloat.
So, What Can You Do About This?
If you suspect that you might be eligible for compensation due to a mis-sold business energy contract, there are 2 courses of action you can take:
Option 1 - Handle The Process On Your Own.
While it is possible to navigate the compensation process independently, it’s crucial to understand the complexities and consider the potential pitfalls involved.
Without the guidance of experienced professionals, navigating the intricate legal landscape and dealing with the energy providers can be extremely challenging to say the least.
Even with some pointers to help you along the way, it’s important to recognise the substantial amount of work and meticulous attention to detail that is required to obtain compensation.
Making mistakes or overlooking critical aspects will jeopardise your chances of securing a fair payout, leaving you disappointed and empty-handed.
This brings us onto your second option…
Option 2 - Seek Professional Assistance From Edward & Amaury Solicitors.
Choosing the expertise of our dedicated team, supported by a highly experienced King’s Counsel, significantly increases your likelihood of success.
Our specialised knowledge in handling mis-sold energy compensation claims allows us to provide a personalised and bespoke approach tailored to your specific circumstances.
We will diligently handle every aspect of the process on your behalf. We will work tirelessly to build a strong case, negotiate with energy providers, and strive for the maximum compensation you deserve.
By selecting option 2, you not only save yourself from the burden of managing the claim independently but also benefit from our extensive experience, strategic thinking, and proven track record of achieving favourable settlements in this specialised field.
Our aim is to alleviate the stress and uncertainty, ensuring that your claim is handled efficiently, effectively, and with your best interests in mind.
King’s Counsel: Your Upper Hand In The Claim Game
As we just mentioned, our team is supported by an experienced King’s Counsel – but what does this mean?
As defined by The Law Society UK, King’s Counsel are “barristers or solicitor advocates who have been recognised for excellence in advocacy.”
This is a title that is only given to lawyers who have demonstrated superior ability in highly complex cases.
Having the backing of a King’s Counsel puts us (and by extension, you) in the absolute best possible position of successfully claiming compensation.
There are a few key reasons for this:
Expertise and Experience
King’s Counsel are highly experienced and skilled barristers who have achieved exceptional recognition in their legal practice.
They bring a wealth of knowledge, strategic thinking, and a deep understanding of legal principles to the table.
Their expertise in the field of law, particularly in complex and evolving areas like mis-sold energy compensation claims, can be invaluable.
High-Value Settlements
King’s Counsel often have a track record of achieving high-value settlements in their respective areas of specialisation.
Their involvement in the case significantly enhances our ability to negotiate and advocate for the best possible settlement on behalf of our clients.
The presence of a King’s Counsel lends credibility and expertise to the legal team, increasing the likelihood of securing favourable outcomes and maximising compensation for you.
In-depth Analysis and Advice
King’s Counsel can provide thorough analysis of complex legal issues and offer strategic advice tailored to the specific needs of the clients.
Their deep understanding of the intricacies of compensation claims allows them to identify key legal arguments, assess the strength of the case, and provide comprehensive guidance throughout the legal process.
This level of expertise allows us to build a strong and compelling case, increasing the chances of success.
Reputation and Influence
King’s Counsel have a reputation for excellence and professionalism in the legal community; their involvement in a case can enhance the credibility and reputation of a solicitor and their law firm.
This reputation positively impacts on negotiations, settlement discussions, and even court proceedings, as the opposing parties and legal professionals recognize the stature and influence of a King’s Counsel.
Having the support and assistance of a King’s Counsel provides us with a competitive edge, and enables us to provide top-quality legal representation and deliver the best possible outcomes for our clients.
What You Need To Submit Your Claim:
It’s important to note that before submitting a mis-sold energy claim, you must have the relevant paperwork. Here’s what you’ll need to provide:
- A letter of authority from your Energy Broker
- Copies of your Energy Supplier Contract
- Any recent bills that show energy usage (this is so that we can accurately estimate your annual usage)
- Any supporting documents which may include correspondence between your business and the broker
It’s very important that you have these documents in order to be successful with your claim.
If you don’t have the paperwork, you can always reach out to your energy broker or provider and ask for it. If they do not oblige, you may need to escalate the matter to the energy ombudsman.
Click the button below and find out in 90 seconds or less if your business is eligible to make a compensation claim against both an existing energy contract and / or a previous contract.
FAQ
Most frequent questions and answers
Answer: Yes. Your business could be owed thousands of pounds plus interest for the duration of the energy contract. The size of your business energy claim is entirely dependent on the broker’s pricing model and the amount of energy your business uses.
Answer: Yes. If you secured your business energy contract through a broker and did not pay any fees for their services, then it’s highly probable that you may have a valid claim.
It is important to acknowledge that the mis-selling issue runs rampant in the business energy market, and as such has affected thousands of businesses around the UK.
Answer: We’re a niche law firm that focuses on a number of specialised areas, which allows us to provide a personalised and bespoke approach to each individual client.
Our dedicated team is assisted by an experienced King’s Counsel, who has already reached high value settlements in this specialised and evolving market.
So you can be assured that we are committed to deliver the best possible settlement for you.
Answer: There are zero up-front costs.
Our expert legal team will advise you on the validity of a potential claim. We operate on a “No Win – No Fee” basis (T’s & C’s apply).
Answer: Yes, it is true that you could attempt to navigate the claims process independently. However, it’s important to consider the complexities and difficulties involved.
Our team, assisted by the King’s Counsel, possesses in-depth knowledge of the technical claims system and extensive experience in the energy sector.
By entrusting us with your claim, we can streamline the entire process, making it faster and easier for everyone involved.
This efficiency translates into a quicker payout for your business, providing a much-needed cash injection that will help meet the needs of your business.
Answer: Click the button below and find out in 90 seconds or less if your business is eligible to make a compensation claim against both an existing business energy contract and / or a previous contract.
Don’t let the complexity of this process hold you back any longer. Time is of the essence when it comes to mis-sold energy compensation claims, so act now to maximise your chances of success.
Remember, we operate on a no win-no fee basis, meaning you won’t have to worry about upfront costs.
Our initial assessment to substantiate your claim is completely free of charge, providing you with an opportunity to explore your options without any financial risk.
If your claim is successful, compensation typically involves the return of some or all of the money that was paid in hidden commissions, plus interest.
Our dedicated team, supported by a knowledgeable King’s Counsel, will work tirelessly to ensure you receive the maximum compensation you deserve.
Contact us today and take the first step towards reclaiming what is rightfully yours.