Rate of consumers switching reaches 5.1m

Energy customers went in search of cheaper deals last year with figures for switching showing over five million customers changed their gas and electricity suppliers, new figures show.

According to Ofgem, this is the highest level of switching in five years.

The industry regulator said that those consumers who have yet to switch could save on average £92 if they pay by standard credit, and even more if they also switch to cheaper payment methods such as direct debit.

Alistair Buchanan, chief executive Ofgem chief executive, said: “The number of customers switching supplier is increasing and five million account switches alone in 2007 shows that suppliers who don’t offer competitive prices and good service will lose customers.”

Further research conducted for Ofgem shows that certain customers including pensioners, the unemployed and those on low incomes are switching less than other groups.

Meanwhile, uSwitch said that, although the regulators are working with Citizen’s Advice to communicate with more vulnerable groups, more needs to be done to increase the transparency of energy offers.

Tags: Citizen, chief executive Ofgem chief executive, payment methods, standard credit, 1m, industry regulator, further research, chief executive

Stag and hen parties should remember travel insurance this weekend

Those embarking on a stag and hen party this weekend need to remember to book travel insurance, one financial expert has warned.

Fairinvestment.co.uk says many brides and grooms-to-be celebrate this weekend due to the Bank Holidays – but revellers travelling abroad need to remember their insurance as the chances of illness and accidents are high.

According to the company, new statistics from Egg reveal that one in five travellers will lose valuable items and without travel insurance these items will not be replaced.

James Caldwell, director of Fairinvestment.co.uk, said that travelling anywhere without insurance “is a risky business”, never mind on a hen or stag do.

“I strongly advise the best man or bridesmaid in charge to make insurance a priority,” he continued.

According to the company, it could cost up to £3,000 to be returned to the UK in an emergency from any of the most popular stag and hen destinations such as, Spain, the Netherlands or France.

Meanwhile, further research from Sainsbury’s Bank said that up to one in ten of Easter holiday makers are expected to travel without insurance.

Tags: travel, The Netherlands, Bank Holidays, further research, Insurance, new statistics, company, hen