Govt source: Energy firms holding money will be fined

Fines will be issued to any of the Big Six energy companies which fail to return money to former customers, a Government source has told ITV News Consumer Editor Chris Choi.

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Energy: Firms have £400m of customer money they are not entitled to they should "expect fines" government source tells me

Energy regulator Ofgem has written to the leading providers calling on them to refund the more than £400 million found to be held in closed accounts.

Read: How to reclaim owed money from energy firms

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Energy firms told to refund £400m from closed accounts

The major energy firms are being told to hand back more than £400m owed to nearly four million customers in credit from closed accounts by the industry regulator. The credit was left in accounts when they have moved house or switched suppliers.