Britain’s energy regulator is set to be given powers to block executives receiving bonuses if they break licence conditions, as part of a shake-up of the watchdog after a government review.
Ofgem will be able to claw back bonuses or prevent them being awarded if executives are found to have caused “significant harm” to consumers, according to details of the review published on Wednesday.
“Significant harm” could include overcharging customers, while the government said the regulator would in serious cases also be empowered to block appointments to senior positions in the energy sector.
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