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17/04/2008
Ofwat Fines Thames Water For Misreporting Information
Ofwat, the Water Services Regulation Authority, has fined Thames Water 0.7% of its turnover of £9.7 million for misreporting information and delivering poor service to customers.
Ofwat is now publishing final notices penalising the company, after proposing to fine the company last September. Deficient systems and low business priority on reporting non-financial data led to the company misreporting customer service information.
Ofwat Chief Executive Regina Finn said: "Thames Water's systems and processes were inadequate and customers lost out. The penalty reflects the importance we attach to reliable, accurate and complete information and gives a clear signal to both the company and the water sector that non-compliance is not a cheap or easy option."
Thames Water's shareholders will bear the entire cost of this penalty. It will not be passed on to its customers.
(CD/JM)
Ofwat is now publishing final notices penalising the company, after proposing to fine the company last September. Deficient systems and low business priority on reporting non-financial data led to the company misreporting customer service information.
Ofwat Chief Executive Regina Finn said: "Thames Water's systems and processes were inadequate and customers lost out. The penalty reflects the importance we attach to reliable, accurate and complete information and gives a clear signal to both the company and the water sector that non-compliance is not a cheap or easy option."
Thames Water's shareholders will bear the entire cost of this penalty. It will not be passed on to its customers.
(CD/JM)
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