Fines hand out by the Ofcom have rocketed in the last year with phone companies being slapped with multi-million pound fines.
The regulator today also revealed the total annual remuneration of chief executive Sharon White jumped by 14.7 per cent to £430,309.
Ofcom has a broad remit, regulating the broadcasting, telecommunications and postal industries. In the year to 31 March it dished out penalties of £50.6m compared with £1.4m in the previous 12 months.
Some £42.3m of this year's fines came in one block, issued to BT after it failed to pay compensation to other internet firms for broadband installation delays. However, if this is excluded fines issued increased by 500 per cent to £8.4m.
Fines are paid into the Treasury's UK Consolidated Fund Account and mixed in with tax receipts to pay central government expenses.
Who's on Ofcom's naughty step?
|Club TV Ltd||65,000|
|Mohiuddin Digital Television||75,000|
Ofcom's financial statements detailed total income rose to £140m from £121m with the regulator building up an annual surplus of more than £1.5m.
As two giants Ofcom regulates – BT and Royal Mail – toy with the idea of shutting their pension schemes, the regulator closed its schemes to further accrual in June 2011. In its latest valuation the scheme was in surplus to the tune of £1.3m.