Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Friday 26 November, 2010


Ofgem reviews effectiveness r

RNS Number : 8464W
26 November 2010


Press Release



Friday 26 November

·      Latest analysis from Ofgem shows retail margins increasing from £65 to £90 after recent price rises

·      Ofgem to review the effectiveness of the retail energy market to see if further action  is necessary to protect consumers

·      Ofgem to investigate energy companies' newly available retail accounts and the facts behind the numbers

Ofgem's latest analysis of retail prices, published today, shows that the margin on a standard dual fuel tariff is now around £90, an increase of 38 per cent from September. Whilst Ofgem would expect efficient firms to make a profit, it wants clarity on behalf of consumers that the market is transparent and is working as effectively as possible.

This is why Ofgem will review the retail energy market to decide if further changes are needed to ensure the market works in the interests of consumers and to increase transparency in the energy market. As part of this review it will investigate the retail accounts, recently received by Ofgem under new licence requirements.

Ofgem's Chief Executive, Alistair Buchanan, said: "With Britain facing an investment bill of £200 billion over the next 10 years, consumers have the right to expect that the energy retail market is providing them with value for money. Our analysis published today shows an increase in company margins from £65 to £90 at a time of rising energy prices, which causes Ofgem to rightly ask if companies are playing it straight with consumers.

"The energy retail market can only be fully effective if consumers have confidence that the market is transparent and easy to take part in. So we will go beyond our usual quarterly reports on prices and do a comprehensive review of the retail market and our recent reforms from the consumers' perspective. We will also carry out a detailed investigation of the newly available retail accounts and the facts behind these numbers.

 "Greater transparency in the market is good for consumers, investors and for the energy industry as a whole."

Since its Retail Market Probe in October 2008, Ofgem has secured a series of important reforms for customers to improve transparency and ensure fair play. This has secured some real benefits for consumers, including the removal of unjustified price differences, required standards of acceptable practice and improved consumer information, such as annual energy statements. As part of its review Ofgem will be looking at how effectively energy companies have implemented all of these reforms.



Notes to editors

1.   Retail prices

Ofgem has today also published its latest Electricity and Gas Supply Market Report. Our indicator of the net profit margin from the supply of gas and electricity has increased since our last report. We estimate net margins for supplying a typical, standard tariff, dual fuel customer are approximately £90 per customer for the year from December 2010, up from £65 in our September report.

This figure for net margin incorporates the new, higher prices of the three Big 6 energy supply companies that have already announced price rises for this winter. Only one Big 6 supplier, EDF Energy, has promised to freeze prices between now and March 2011. The other two Big 6 suppliers have not yet made their pricing positions known.


2.   Advice to consumers

While Ofgem is conducting its assessment consumers should still look to keep their energy costs as low as possible by looking at energy efficiency, payment options and whether they are still getting a good deal for their energy. In doing this they can use their annual energy statement, a new Ofgem reform currently being rolled-out, which gives them information about their current tariff and an estimate of how much in pounds they will spend on energy for the next year,  allowing a more accurate comparison to other deals.

A separate consumer factsheet "Help with your winter energy bills: What you need to know" giving tips on how to save on your energy bill has been published today on Ofgem's website,


3.   Probe reforms

Although Ofgem's Probe into the retail market found no evidence of anti-competitive behaviour, it found serious problems with the retail market that caused it to introduce the following reforms:

·      rules to prevent unjustified price differences - this removed around £500 million of unjustified premiums and introduced clearer information on bills and Annual Energy Statements to improve transparency for consumers

·      new Standards of Conduct setting out the level of service consumers can expect from energy suppliers, for example on tariff complexity. On this issue, we warned suppliers in July of this year that we wanted to see more progress in tackling this problem.

·      tougher rules on sales and marketing - in September this year Ofgem announced an investigation into npower, Scottish Power, Scottish and Southern and EDF Energy to establish whether the firms were complying with tougher misselling rules, and

·      new rules to allow more people who are in debt to switch supplier.

In addition to these reforms Ofgem is proposing that energy companies give consumers 30 days' notice of any price increases, and Ofgem is also looking at the terms and conditions that apply to the renewal of fixed-term energy deals.

More detailed information on the probe is available from the factsheet "Helping domestic customers get the most out of the energy market," available from Ofgem's website via the following link:

4.   Terms of reference for Ofgem's review

Ofgem's review will comprise of:

·      an assessment of the current state of the effectiveness of the retail market

·      a review of progress energy companies have made on implementing Ofgem's reforms

·      Ofgem's next report on retail and wholesale prices.

Ofgem aims to finish its review by March next year alongside its next Electricity and Gas Supply Market Report into retail and wholesale energy prices.  


5. Ofgem's powers

Ofgem is the Office of the Gas and Electricity Markets,which supports the Gas and Electricity Markets Authority, (the Authority) the regulator of the gas and electricity industries in Great Britain. The Authority's powers are provided for under the Gas Act 1986, the Electricity Act 1989 and the Utilities Act 2000.The Authority also has enforcement powers under the Competition Act 1998, as well as powers to enforce consumer protection law, under the Enterprise Act 2002.


Any firm wanting to supply gas or electricity to customers, run a gas or electricity network or generate electricity has to be licensed by Ofgem. These Licences are issued by Ofgem under its powers in the Gas and Electricity Acts. Each licence comes with a series of obligations both to customers and to the industry that companies must fulfil.


Should Ofgem find that a licence breach or Competition Act infringement has occurred, it has the power to impose large financial penalties, of up to 10 per cent of turnover.

For further press information contact:


Mark Wiltsher           020 7901 7006/Mobile: 07879602838

Alison Wright            020 7901 7217





This information is provided by RNS
The company news service from the London Stock Exchange

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