Four major UK regulators need to do more to prove they are offering enough protection to those who need it, spending watchdog the NAO has said. Ofwat, Ofgem, Ofcom and the FCA understand the "significant difficulties" facing consumers. But they can't prove they are effectively responding to them, the National Audit Office (NAO) said. The most common problem facing consumers in these sectors was how to handle debt, the NAO added. The watchdog recommended that regulators do more to measure their performance "so that they can understand what is working well for consumers and what isn't". Consumer issues

The most common consumer problem across all four sectors was dealing with debt from bills and credit repayments. The situation for some consumers has not been helped by real-term price increases of 28% in gas, 37% in electricity and 6% in water since 2007. Consumers can find it difficult to get the best deal or service, leading to those who fail to switch paying a collective "loyalty penalty" of an estimated £4.1bn a year, the NAO said. Vulnerable customers are less likely to switch, the spending watchdog noted.

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