Are You Really Impressed By OFGEM's Review? Is It Not Case Of Why Have They Taken So Long?

I have heard that the energy regulator OFGEM has launched into the prices charged by energy suppliers amid claims they are overcharging households. It announced this just yesterday after revealing that suppliers' annual net margins per customer have risen by 38 per cent from £65 to £95. OFGEM, which has been criticised for not being tough enough on suppliers, found overcharging of £500m in its last major investigation into the energy market in 2008. Following that market report, it gained powers that require suppliers to hand over their retail supply accounts, which have just been received. OFGEM will scrutinise these accounts in its review.
Power firms raised domestic prices by 51 per cent for gas and 28 per cent for electricity when wholesale costs rose in 2008 but cut them by only 7.5 per cent in 2009 and early 2010 when wholesale costs fell sharply. With wholesale costs on the rise once again, three of the Big Six have put up prices. Scottish Power put up electricity by 8.9 per cent and gas by 2 per cent on Thursday. Gas prices at Scottish and Southern Energy will rise by 9.4 per cent next week, while British Gas's gas and electricity go up 7 per cent on 10 December.The consumer group Which? said the review would show whether the the industry required more openness on pricing or "major surgery".
Am I missing something here because consumer groups have rightly claimed for some time that suppliers hold on to falls in wholesale prices, while quickly passing on rises? This has been going on for years and years and years. I for one am not too impressed because they have allowed "these big power players" to get away with it for too long and only act after howls of despair from consumer groups after customers have already been overcharged. I do not believe that OFGEM have served the public well enough because we have been ripped of for years and will continue to do so.