This is particularly important for vulnerable or older people. More information on the programme is provided in annex 8. These are regulated by the Advertising Standards Authority; what people write or post on the internet. Ofcom prepares a separate set of Financial Statements for the purposes of Section 400 of the Communications Act 2003. We are committed to being a cost-conscious, value for money organisation in discharging our duties. We also help to make sure people don’t get scammed and are protected from bad practices. Ofcom published the 2020/21 Tariff Tables on 31 March 2020, based on the budget of £131.9m set for 2020/21 and incorporating the differences between the budgeted costs for 19/20 and the actual results, per sector. Further detail on this is set out on page 56. Over the past 15 years, we have continued to deliver year on year, like-for-like real-terms budget reductions. It holds sweeping powers over broadcasting, telecommunications and even postal industries in the UK. Ofcom tracks Gigabit broadband growth, and bill payment challenges, in the UK Open Fiber stake heading Macquarie’s way Fiber access broadband network action leads today’s news roster, with expansion in the UK leading to new jobs creation and a stake in Italy’s Open Fiber set to change hands. All costs relating to Spectrum Clearance are reported separately from Ofcom’s core responsibilities in the financial statements. Ofcom proposes their approach which includes considering: the cost to Ofcom and industry of establishing and administering an industry fund; But I wanted to know more about this OfCom. The Broadband USO is being run by Ofcom with KCOM and BT the two broadband retailers given the task of implementing it following the rules set by Ofcom. We register complaints from people and businesses, which helps us to take action against firms when they let their customers down. The actuarial valuations for both schemes as at 31 March 2018 highlighted a combined funding surplus of £0.4m. If you ask us for an internal review of our decision, it will be Often, we investigate further and we sometimes find broadcasters in breach of our rules. The Ofcom (Former ITC) pension plan valuation liabilities have all been bought in and thus there is no surplus or deficit. The funding surplus for the financial year is set out in Note 2 to the accounts and totals £8.6m (2018/19 £3.3m surplus). We are committed to being a cost-conscious, value for money organisation in discharging our duties. The allowance may be used to contribute to the Ofcom defined contribution stakeholder pension plan. It is affiliated with Islamic Republic of Iran Broadcasting (IRIB), the only organization legally able to transmit radio and TV broadcasts in Iran. Clearance of the 700 MHz band continues as a major programme of work for Ofcom. An accounting surplus is required to cover expenditure not reflected in the Statement of Comprehensive Net Income, including capital expenditure and deficit recovery payments necessary in respect of the two defined benefit pension plans. During the 2019/20 financial year Ofcom collected £373.3m (2018/19: £1,688.6m1. Besides overall disgust, there is a very strong link between the BBC and this story concerning the people who run OFCOM, the supposed media 'watchdog'. Our priority is to look after you, and we sometimes do this by promoting competition among companies we regulate. As part of the ongoing activity to manage and mitigate risks of the plans, further insurance-backed benefit buy-ins in respect of pensioner members will be considered in the future. The Community Radio Fund helps to fund the core costs of running Ofcom-licensed community radio stations. We regulate the TV, radio and video-on-demand sectors, fixed line telecoms, mobiles, postal services, plus the … I do hope that the OfCom is under the Ministry of Truth in … Information for the TV, radio and on-demand industry, broadband, home phone and mobile services, alternative ‘dispute resolution’ services. Chat: Yahoo Finance. The communications watchdog Ofcom will take over regulation of … Non-staff expenditure relating to Ofcom’s core responsibilities in 2019/20 increased by £1.9m to £47.9m (2018/19 £46.0m), which excludes payroll staff costs. An accounting deficit occurs where depreciation, amortisation and other non-cash transactions are greater than the income received to cover the cash costs of capital items and the defined benefit pension plans. These not-for-profit radio stations have a social purpose, and work to involve their target community in running the service. That’s reassuring. premium-rate telephone services. Ofcom administered two rounds of funding earlier this year with grants that provided 111 successful applicants totaling £406,810. Both plans are closed to new entrants and benefits accruals ceased on 31 May 2011. The fees, payments and penalties are reported, with further detail provided, within these Financial Statements in Note 23 to the accounts, with further information in Annex 1 on page 156. Over the past 15 years, we have continued to deliver year on year, like-for-like real-terms budget reductions. Ocom regulates the TV and radio sectors, fixed line telecoms, mobiles, postal services, plus the airwaves over which wireless devices operate, and make sure that people in the UK get the best from their communications services and are protected from scams and sharp practices, while ensuring that Ofcom is the UK's communications regulator. We are independent, and funded by fees paid to us by the companies we regulate. It is the taxman, unable to discuss poetry. Once the net cost is determined, Ofcom will decide whether it would be unfair for the provider to bear some, or all, of the cost. These not-for-profit radio stations have a social purpose, and work to involve their target community in running the service. How much money they award themselves from the Whilst Ofcom is directly accountable to Parliament, our funding comes from fees charged out to the sectors we regulate. We use cookies to improve your experience on our site. Press TV (stylised as PRESSTV) is an Iranian state-owned news and documentary network that broadcasts in the English and French languages. The large accounting surplus and deficit over the past two years are non-recurring events. This fee is determined by the total revenues generated by the company. Any surplus funds arising as a consequence of budgetary savings achieved during the financial year are returned to stakeholders through a reduction in the annual tariffs raised in the two following financial years. :: Ofcom Riverside House 2a Southwark Bridge Road London SE1 9HA 020 7981 3000 [3]www.ofcom.org.uk. Ofcom currently has a backlog of WTA processing and paperwork due to the conclusion of analogue licensing and the work on the Community Radio Fund. The note also reconciles income on the same basis and presents Ofcom’s actual operating outturn and income by sector. Parliament has not given us powers to resolve people’s complaints about their broadband, home phone or mobile phone. The £125.0m (2018/19: £124.3m) of income received in 2019/20 covers Ofcom’s core responsibilities (excluding Spectrum Clearance). Notes 1(k) and 20 to the accounts provide further detail. Licence fee money should not be used to fund future regulation of the BBC, Scotland's culture secretary has said. Reduced restructuring activity has seen restructuring costs decrease by £0.6m to £0.3m (2018/19 £0.9m). Find out more. These transactions are not included in the Financial Statements. We would emphasise that the specimen bond is for illustrative purposes and is just one means by which a Code operator can fulfil its obligations under Regulation 16. In 2017, Ofcom discovered that BT had been overcharging millions of landline customers, and the company agreed to reduce its prices by £7 each month (£84 per year), with costs falling from £18.99 per month to £11.99. We look after the airwaves used by wireless devices like cordless phones, walkie talkies and even some car keys and doorbells. We make sure people get the best from their broadband, home phone and mobile services, as well as keeping an eye on TV and radio. Spectrum Clearance expenditure amounted to £76.7m in 2019/20 (2018/19: £72.5m), which includes £73.7m of grants paid to grant scheme participants. 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