U.K. gas and electricity markets regulator Ofgem will from 1st July have the power to audit utilities’ handling of customer complaints and fine companies who fail to meet new standards, the regulator said Wednesday. The new rules will apply to all complaints from domestic and small business consumers and Ofgem will carry out its first audit later this year to ensure companies are meeting them. The regulator will be able to fine companies up to 10% of their turnover for noncompliance. “I’m confident that the companies will rise to the challenge. But if they don’t, we now have the ability to take regulatory action,” Ofgem Chief Executive Alistair Buchanan said. The new rules on complaints will address some of the main frustrations of customers and the significant variations in the quality of complaint handling, Ofgem said.