EDF haven't mis-sold and haven't been fined £4.5m for not doing it
EDF are £4.5m lighter today and some of their customers will be sharing in £3.5m of that cash following an Ofgem investigation. The sum of money is definitely not a fine for mis-selling though, so don’t even think that it is.
70,000 of what have been described as EDF’s ‘most vulnerable customers’ will have £50 each paid into their accounts and a further £1m will go into a fund run by Citizen’s Advice which is aimed at raising awareness for energy users regarding getting the best deal. But it’s not a fine.
What’s happened is that EDF have breached some aspects of the licences governing the information it gives when selling to customers. You could call that mis-selling. But you’d be wrong. It isn’t mis-selling and EDF haven’t been fined.
Ofgem have said that “EDF Energy has engaged in a constructive dialogue about shortcomings in the firm's sales processes and has taken a proactive approach to addressing those shortcomings”. Which is why they haven’t been fined for any kind of mis-selling. Ofgem are currently investigating Scottish Power, Scottish and Southern Energy, and Npower but we’re sure none of them have mis-sold either and they certainly won’t be getting fined. Or something.