OFGEM released their final “Guidance for Suppliers” document on Friday 15th March 2013.
We at Warranty Services Limited would firstly wish to applaud OFGEM on the release of this Guidance, which has brought much needed certainty to the industry.
Crucially, the updated Guidance document makes some fundamental changes to the way insulation guarantees are addressed in the context of ECO.
The Guidance now sets out a requirement that an “appropriate guarantee” be provided. Moreover, the Guidance sets out particular criteria that must be satisfied before a guarantee is deemed acceptable.
OFGEM APPROVES KINNELL ECO GUARANTEE
We are now happy to announce that the insured Kinnell ECO guarantee has been accepted by OFGEM as an appropriate guarantee. This guarantee meets the comprehensive criteria set out by OFGEM by providing long-term financial assurance to customers, even in the event that the installing firm ceases to trade.
Since the Kinnell ECO guarantee is an insured product, underwritten by an authorised & regulated, UK based insurer; eligible customers benefit from recourse to both the Financial Ombudsman Service and the Financial Services Compensation Scheme. These are the statutory bodies for dispute resolution and compensation respectively. This standard of protection can only be brought about by bona-fide insurance and is not something that is traditionally afforded by unregulated, industry led guarantee providers.
Warranty Services Limited is a market leading provider of insurance backed guarantees. Trading as QANW, it has already achieved significant success across many trades and industries, including those affiliated with the Green Deal. With OFGEM’s recent approval of the Kinnell ECO guarantee and the use of the Kinnell ECO brand, it is hoped that this success is continued into the sustainable sectors, which ECO intends to vigorously support. For further information, please contact Kinnell ECO’s Commercial Director, Nick Egdell, on 07811374094.
