Regulator fines Colt for ‘incorrect and incomplete information’
The UK regulator has fined Colt £15,000 because the carrier provided “incorrect and incomplete information” in response to its review of the wholesale market.
The fine would have been £20,000, but Ofcom granted a 25% reduction because it accepted liability and entered into a voluntary settlement.
Colt said: “Colt has been cooperating fully with Ofcom’s investigation and has put in place proactive measures to ensure it doesn’t happen again. Colt is committed to the highest possible standard of corporate governance and responsibility and has a history of compliance.”
The regulator carried out a statutory information request, as part of a market review. “We regularly request information from companies as part of our work to protect consumers across all the markets we regulate,” said Ofcom.
“This information is vital to our decision-making, and it is essential that companies respond by the deadline, with accurate and complete information, so that we can rely on the information we receive.”
The enquiry in question was Ofcom’s Wholesale Fixed Telecoms Market Review, which it carried out in late 2020. The regulator published the results in March 2021.
Ofcom said that “due to the time needed to correct [the initial response, Colt] failed to provide the required information within the stipulated timeframe”.