On 15 June 2018 Ofwat published the results of its review of credit arrangements for the non-household retail market, which it had commissioned KPMG to undertake in December 2017. The review sought to establish whether the current arrangements create undue and unfair barriers to entry, in particular how they affect smaller new entrants, and whether any areas could be clarified or improved.

KPMG made a number of recommendations, described as proposals, for areas of work for the Panel to take forward which Ofwat has supported. These KPMG proposals are:

  • Proposal 1: Ensure greater transparency of PCGs and alternative credit arrangements;
  • Proposal 2: Reflecting payment history in order to access an unsecured credit allowance;
  • Proposal 4: Clarifications around credit assessment scores;
  • Proposal 5: Review of termination, default and interim supply processes; and
  • Proposal 8: Pooled credit models.

Ofwat has asked the Panel to focus on:

  • Taking forward the transparency aspect of the PCG and Schedule 3 alternative credit arrangements-related proposal with a future request for the Panel to gather evidence and to assess whether all retailers are able to compete, specifically whether associated retailers are deriving an unfair advantage from PCGs (Proposal 1).
  • Recommendations that relate to the use of credit scores and unsecured credit allowance for payment history potentially packaging these together given the interdependencies (Proposals 2 and 4).
  • Taking forward work relating to the timelines for default and termination following initial testing of interim supply processes by Ofwat and MOSL (Proposal 5).

The objectives of the Credit Committee are to:

  • Carry out required investigation and evidence gathering from trading parties and others;
  • Engage with third parties, i.e. credit rating agencies, as necessary;
  • Liaise with Ofwat regarding the review of the Retail Exit Code, if appropriate; and
  • Make recommendation on code Change Proposal to the Panel.

For the avoidance of doubt, while the Credit Committee is considering these KPMG proposals in line with Ofwat’s focus, this should not preclude companies continuing negotiations as normal.  It is not envisaged that any Code changes that arise out of the Credit Committee's work will be a replacement for the existing credit options, including Alternative Eligible Credit Support cover.

Who makes up the Credit Committee? 

The Credit Committee will consist of 10 Members with relevant experience in credit and other related financial services, as set out further in Section 5 of the Terms of Reference. The Members are:

  • Adam Richardson – Chair (MOSL)
  • Richard Berger - Wholesaler (Severn Trent Water)
  • Julian Tranter - Wholesaler (Thames Water)
  • Richard Spencer - Wholesaler (Anglian Water Group)y)
  • Neil Pendle - Unassociated Retailer (Waterscan Ltd.)
  • Richard Moore – Unassociated Retailer (Castle Water)


The Credit Committee meetings will occur on a monthly basis until all the workplan items have been completed, and recommendations have been provided to the Panel. There may be further additional out of schedule meetings depending on workload.

What does the Credit Committee do? 

For more information on the Credit Committee, please refer to its Terms of Reference.

Contact the Credit Committee 

If you would like to contact the Committee or the Committee Secretary, please email panel.secretariat@mosl.co.uk

Credit Committee Meetings

Meeting Date Agenda Minutes Papers
Meeting 1 23 October 2018 Download Download Download
Meeting 2 21 November 2018 Download Download Download
Meeting 3 11 December 2018 Download Download Download
Meeting 4 22 January 2019 Download Download Download
Meeting 5 19 February 2019  Download Download Download
Meeting 6 Cancelled      
Meeting 7 23 April 2019 Download  Download Download
Meeting 8 21 May 2019 Download Download Download
Meeting 9 31 July 2019 Download Download Download
Meeting 10 17 September 2019 Download Download Download
Meeting 11 21 November 2019 Download Download Download
Meeting 12 21 January 2020 Download Download Download
Meeting 13 18 February 2020 Download Download Download
Meeting 14 24 March 2020 Download Download Download
Meeting 15 Cancelled      
Meeting 16 15th October 2020 Download    


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