Discussions have come to a head between PayPoint and energy regulator Ofgem, as the latter has suggested that PayPoint needs to update their practices for the benefit of their stakeholders. Ofgem have published the financial news of a ‘Notice of Decision to Accept Binding Commitments’, relating to concerns raised in Ofgem’s Statement of Objections from 29 September 2020.
Ofgem has accepted these commitments to resolve their concerns, and PayPoint will implement the commitments with their stakeholders.
The Board states that the commitments accentuate their goal of servicing and supporting their clients and the communities they serve: this adds credence to PayPoint’s claim that their strategy is to deliver fair and sustainable value to all their stakeholders.
PayPoint will update their stakeholders and public in their half-year results on Thursday 25 November at 9.30am. In short, PayPoint will be:
- Removing exclusivity provisions from pre-payment services from current and future contracts
- Offering contracts to energy suppliers, allowing retailers to use other payment providers and equipment when processing prepayment meter credits
- Donating £12.5 million to Ofgem’s ‘Energy Industry Voluntary Redress Scheme’, which will divide funds to be used for supplying energy advice or energy efficiency plans for households.