Royal Mail fined £10.5m for 'millions of late deliveries' as Ofcom accuses firm of 'eroding public trust'

Ofcom has slapped Royal Mail with a hefty £10.5m fine for failing to hit its delivery targets in the past year. In an announcement earlier today, the communications regulator stated it was imposing the penalty on the postal service provider—marking the second fine in just over 12 months—for significantly underperforming on its obligations.

Only 74.7 percent of First Class mail and 92.7 percent for Second Class were delivered on time against targets of 93 percent and 98.5 percent, respectively, as reported by City AM.