Across regulated sectors, a new idea is gaining traction: a consumer duty requiring businesses to act in the best interests of their customers. In financial services, it has already reshaped how products are designed, marketed, and supported. While energy retailers don’t yet operate under such a framework, its potential adoption raises important questions about the role of retailers, the nature of regulation, and how to deliver better consumer outcomes.
This article explores how such a framework might operate in the energy sector, its opportunities and risks, and the conditions needed for it to deliver real benefits, while offering ideas to inform the Australian Energy Council’s developing position.