Ofcom, the UK’s digital regulator, has produced new research that shows more people are switching providers after receiving end-of-contract alerts. Back in February 2020, Ofcom made it so that phone, broadband, and pay-TV providers had to send an alert to users when their contract was coming to an end. It was hoped that customers would switch to save money and make the sectors more competitive.
It seems that the move has worked as customers saved about £110 per year when taking out a new contract Plusnet saw a 13% increase in customers taking a deal after being notified while BT, EE, and Virgin Media saw 10% increases. In November, Ofcom published other findings about the change and that data said 62% of people coming to the end of their contract were signing new contracts. This figure was at 47% in 2019.
James Mackley, Ofcom’s Economics Director, said:
“It’s encouraging to see more people saving money after we made it easier to grab a better deal. This is particularly important at a time when household budgets are under heavy strain, as the potential savings available can be significant. So it’s worth checking if you’re out of contract, and seeing what deals are available.”
If you are out of contract with your phone, broadband, or pay-TV, you could save money by switching to a deal with your provider or taking an offer from another firm. Ofcom has a list of accredited comparison sites where you can look for the best deals to switch to if you’re out of contract.
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