All financial penalties imposed by Ofcom are held in our account with Office of HM Paymaster General (OPG) for the benefit of the Exchequer. Funds are transferred to the Bank of England account at agreed times for direct use by the Exchequer. Neither OPG nor Ofcom benefit from or have use of any monies made available to Ofcom.
OPG provides banking transaction services through various banks with balances held securely at the Bank of England for a range of public bodies and all central Government Departments. These balances are made available at the end of each working day to the National Loans Fund to help minimise the overall cost of Government borrowing.
OPG has been part of HM Revenue and Customs since April 2006, when ownership was transferred from HM Treasury. In May 2008, OPG became part of the Government Banking Service, which is the new banking service provider to the public sector.