I’ve been getting calls on my business line saying that my ‘energy deal’ has expired and that I need to set up a new one.
I know full well that I have recently taken out a new energy deal with Octopus Energy which I am very pleased with, so when someone phones me and immediately starts lying, the ‘Scam Alert’ sirens start up.
Then an article in ‘Private Eye’ caught my own eye. It seems that these firms (called ‘Third Party Intermediaries’ or TPIs) say they will act as your agent to get a good deal. To authorise them to negotiate on your behalf, you sign a Letter of Authority (LOA) which lets them set up a deal on your behalf but not to your benefit. This is because selling to business is not regulated like selling to householders. They set up a rigged ‘tendering process’ and take unacknowledged fees from both parties.
The next time I get a call about my energy account, I won’t be so polite.