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MacBank UK Water Company To Challenge $28.8m FineMACQUARIE Bank-owned Thames Water could be fined a record £12.5 million ($A28.8 million) by British industry regulator Ofwat for misreporting and poor customer service. The water company faces an £11.1 million fine for misreporting regulatory information and a further £1.4 million fine for poor processes and systems that led to customers receiving unsatisfactory services. Ofwat chief executive Regina Finn said: "Water is a monopoly business and until we see a competitive market developing, Ofwat must protect customers by regulating the companies prices and quality of service. "To do this we need complete, accurate and reliable information. Misreporting of information damages our ability to regulate the industry and therefore to protect customers." The news is likely to be cheered by consumer groups, which have spent the past year attacking water companies for failing to meet leakage targets while making huge profits. Water bills have increased by 7 per cent this year — well in excess of inflation — to take the average water and sewerage bill to £312 in England and Wales. The proposed fine follows Ofwats investigation last year into Thames Waters reporting of its customer service performance. The regulator said that Thames acted responsibly by informing Ofwat of the misreporting, taking steps to investigate the situation, co-operating with the review and reimbursing customers the amount they should have received following the companys poor service. Ofwat stressed that there was no evidence of fraud by Thames Water, Britains largest water company, and that the investigation did not find any evidence of deliberate misreporting. A Macquarie spokeswoman said the reporting that caused the controversy had happened before the bank acquired Thames Water last year for £8 billion. Thames Water said the proposed fine was "totally disproportionate", and revealed plans to challenge it. Ofwat said: "The proposed fine is appropriate given the seriousness of the misreporting and customer service failures by Thames, while also being fair and proportionate and taking account of the steps Thames has taken to remedy the situation." TELEGRAPH With MARC MONCRIEF Tag CloudExternal InformationAdditional InformationiPhones offline as AT&T buckles...Goldman Reports Record Earnings for 2006... Off New York Streets, Film Piracy Is Online... Johnson & Johnson Profit Falls on Charge... Where Am I?News Main Page - Business - MacBank UK Water Company To Challenge $28.8m Fine |
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