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BT.A Bt Group Plc

109.65
0.40 (0.37%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bt Group Plc LSE:BT.A London Ordinary Share GB0030913577 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.40 0.37% 109.65 109.65 109.70 110.50 109.20 110.00 19,042,886 16:29:25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Phone Comm Ex Radiotelephone 20.92B 1.91B 0.1916 5.72 10.9B

Virgin Media Protests 'Excessive' UK Fine for Overcharging -- Update

16/11/2018 10:07am

Dow Jones News


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(Updates with Virgin Media, EE responses.)

 

By Adam Clark

 

Virgin Media said Friday that it will appeal a fine levied by U.K. telecommunications regulator Ofcom for overcharging customers who ended their contracts early.

Ofcom fined Liberty Global PLC's (LBTYA) Virgin Media 7.0 million pounds ($8.1 million) over excessive charges for customers who ended contracts early. The regulator said that almost 82,000 customers were affected and overpaid a total of just under GBP2.8 million.

Virgin Media accepted that it overcharged 1.5% of its cable customers between September 2016 and August 2017. However, it defended its use of early-exit charges and said it rejected Ofcom's claim that they dissuaded customers from switching provider.

"This unreasonable decision and excessive fine does not reflect the swift actions we took, the strong evidence we have presented, or our consistent, open and transparent cooperation with the regulator. We will be appealing Ofcom's decision," VM Chief Executive Tom Mockridge said.

Ofcom also fined BT Group PLC's (BT.A.LN) EE GBP6.3 million for overcharging customers on discounted deals who ended their contracts early. The regulator said that over a six-year period, 400,000 customers overpaid up to GBP4.3 million in early-exit charges.

EE said it accepted Ofcom's findings and has already refunded customers and changed the way it calculates early-exit charges.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

November 16, 2018 04:52 ET (09:52 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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