A report recommends a common set of standards for Ofgem, Ofwat, Ofcom and the FCA as it sees no great evidence they are effective.
The NAO report says there is a lack of evidence UK regulators are achieving real results on behalf of the consumers they are obliged to protectThe public spending watchdog has questioned the effectiveness of regulators which have a statutory duty to protect consumers' interests.
The National Audit Office said its examination of the four major regulators - those covering the water, energy, telecommunications and financial services sectors - showed they understood"significant difficulties" facing customers but could not show their work was making a real difference. Its report said the most common consumer problem facing Ofwat, Ofgem, Ofcom and the Financial Conduct Authority was handling debt from bills and credit repayments.Price cap 'cost to jobs and competition'
Other issues, the NAO said, included the UK's £4.1bn so-called 'loyalty penalty' facing customers who fail to switch providers for key services including household energy and mobile phones.Action taken in support of consumers by the four in recent times has included Ofgem's cap on standard variable tariffs and a
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