A premium rate phone firm was fined £1,000 by watchdogs following a Sunday Mercury investigation into charges levied for its information and advice line.

Telecom247 runs competition, joke lines and fax-back services.

The Mercury found it was sending unsolicited faxes out to companies offering financial advice but provided simple tips about opening bank accounts in premium rate phone calls that could last 25 minutes.

It looked into the firm as part of its Pull The Plug campaign to crack down on premium rate phonelines.

The company boss was fined £1,000 by telephone watchdog ICSTIS, and banned the financial advice service which was also found to be running without the proper authorisation.

The adjudication panel acted upon a complaint it received.

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