We’re introducing a Code of Practice to the TPI market
We met with non-domestic Brokers and Suppliers in a series of workshops on the 21st and 22nd of March to ask; “How can we more effectively govern non-domestic Brokers?” Participants at both events agreed that the TPI market needs greater governance and a code of practice should be introduced. As such, we will be starting work on the code of practice, with the aim of introducing it into the REC by October 2023.
In this article, we provide full notes from both workshops and a timeline of the steps we need to take to introduce the code of practice.
What happened at the Supplier workshop?
Read the full notes from our Supplier session here.
What happened at the Broker workshop?
Read the full notes from our Broker session here.
What are the next steps?
Both the workshops demonstrated the need for greater governance around the TPI market. Participants agreed that RECCo should commence work on draft CoP to be introduced into REC by October. RECCo will also look at the development of a performance assurance regime to support the CoP. In addition to this we will also draft and consult on a standardised letter of authority. Finally, we will undertake some analysis of the issues around change of tenancy and potential solutions.
We set out below, at a high level, our key deliverables and indicative timeframes for each of these workstreams.
|Code of Practice||Target Date|
|Draft high level timeframe and actions for delivery||28 April 2023|
|Map stakeholder engagement||5 May 2023|
|Draft CoP for information stakeholder consultation||2 June 2023|
|Raise REC change proposal||30 June 2023|
|CoP implementation||1 October 2023|
|Performance Assurance||Target Date|
|Commence development of performance assurance regime||2 June 2023|
|Performance assurance implementation||TBC|
|Letter of Authority||Target Date|
|Gather stakeholder input on standard requirements||2 June 2023|
|Draft LoA for consultation||30 June 2023|
|Issue agreed standard template||1 October 2023|
|Change of Tenancy||Target Date|
|Confirm problem statement, assessment of materiality and options||5 May|
|Further steps dependent on analysis of options/emerging performance assurance regime and clarity on role of Ofgem||TBC|
Thank you to everyone who took the time to join our events and provide feedback. If you would like to provide further comments please contact RECCo_Strategy@retailenergycode.co.uk