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Ofcom win 5 million!
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So who gets the money? 5 million quid! What about all the people who paid for the phone calls? Who deicdes how much to award?
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All fines by these regulatory bodies go to HM Paymaster General, just as when Postcomm fined Royal Mail �11.7m in 2006 and the OFT fined supermarkets and milk processors �116m for price fixing last December.
My favourite was the FSA handing out a �980,000 fine to Nationwide BS for security lapses after mislaying a laptop containing customer information. The Nationwide is a mutual society (i.e. the members are effectively the shareholders) therefore any fine imposed on the institution is a fine on the customers - net effect: customers pay the Treasury for the privilege of having their details compromised.
My favourite was the FSA handing out a �980,000 fine to Nationwide BS for security lapses after mislaying a laptop containing customer information. The Nationwide is a mutual society (i.e. the members are effectively the shareholders) therefore any fine imposed on the institution is a fine on the customers - net effect: customers pay the Treasury for the privilege of having their details compromised.
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