New energy suppliers face 'fit and proper' test after spate of failures

Ofgem says firms applying for licence must show they have adequate funding for first yearSmall energy suppliers will have to undergo more stringent tests before they can set up shop in the UK under plans drawn up by the regulator after a spate of recent failures.Ofgem said on Thursday that companies applying for a licence will need to demonstrate they can adequately fund their operations for their first year, outline how they expect to comply with regulatory obligations and show their intentions