Explicit Informed Consent: A critical regulatory obligation for energy sellers
Explicit informed consent (EIC) is fundamental to transactions that occur in the energy market including the transfer of a customer from one retailer to another. One of the most serious types of breaches by an energy retailer is a failure to obtain a customer’s EIC when required by relevant regulatory obligations. The consequences of non-compliance are serious with the new civil penalty provisions in both NECF and in Victoria. With so much at stake, how can retailers reduce the risk of non-compliance? What is explicit informed consent? Explicit informed consent is given by a customer when a retailer, or the retailer’s agent, has clearly, fully and adequately disclosed all matters relevant to the consent of the customer to a transaction, including each specific purpose or use of the consent. Explicit…