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British Gas, EDF, EON, Ovo and Octopus on standard variable tariffs have been warned. 35 million remain on their supplier’s Standard Variable Rate (SVR), the most expensive tariff most companies are allowed to charge.

TotallyMoney CEO Alastair Douglas said: “Two thirds of households are still on the standard variable rate - the maximum their supplier is allowed to charge.

"So, check your account to find out if you’re free to switch, and if you’ve not changed providers in the last year, then it’s likely that you can start saving money.”

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Ofgem rules state that the process should take no more than five working days, and if the new supplier fails to complete the switch within that time, custome

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