British Gas pays £20m to settle probe into force-fitting of prepayment meters

An important development from the financial markets: British Gas pays £20m to settle probe into force-fitting of prepayment metersJust now Share Save Add as preferred on GoogleGetty ImagesBritish Gas has agreed to pay £20m into a redress fund to settle an investigation by the regulator into the forced fitting of prepayment meters. Three years ago it emerged that debt agents working for British Gas had broken into the homes of vulnerable customers to fit prepayment energy meters.

The regulator Ofgem said British Gas, which has apologised for the scandal, would also write off up to £70m of vulnerable customers' energy debt, some of which would be a form of compensation. Ofgem investigated and subsequently banned the practice of fitting prepayment meters without customers' permission in high-risk households.

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Financial markets are tracking the development closely as investors assess the likely impact.