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Energy bosses to meet minister over fuel debts; regulator concerned over life insurance
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UK energy bosses are due to meet the minister whose brief includes fuel poverty and energy consumer issues, amid scrutiny on the government and industry ahead of a winter during which support for some pensioners has been withdrawn.
Miatta Fahnbulleh was elected MP for Peckham in July. She was formerly the chief executive of the New Economics Foundation, a left-wing thinktank, but now she has the ministerial brief of looking after energy consumers, including fuel poverty.
That role has been thrust into the spotlight early in the Labour government’s term, after chancellor Rachel Reeves limited the winter fuel allowance to those eligible for pension credit. The benefit was previously applied universally, but some Labour MPs have said they are worried about pensioners just above the threshold.
Executives from Centrica, EDF, E.On, Octopus Energy, Scottish Power, Good Energy, Rebel Energy, Ovo, So Energy, Ecotricity and Utility Warehouse are expected at the roundtable event with Fahnbulleh. Industry body Energy UK, the regulator Ofgem, and Citizens Advice will also attend.
Financial regulator to look at life insurance market
The UK’s City regulator has launched an investigation into insurers over concerns that the market for life insurance and income protection is not working well.
The Financial Conduct Authority (FCA) said that it would look at “pure protection” products, which pay out if the policyholder dies or is incapacitated due to illness or injury.
The regulator will look at “potential conflicts of interest in the structure of commission”. It will look specifically at four products: term assurance, critical illness cover, income protection insurance and whole of life insurance, including policies for over 50s that offer guaranteed acceptance.
Sheldon Mills, executive director of consumers and competition at the FCA, said:
Pure protection can offer peace of mind and financial security, often when people are at their most vulnerable. Consumers should be able to buy products which meet their needs and provide fair value.
We have seen indications that this may not be the case across the pure protection market and we will act if we find that the market is not working well.
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