It is what in the UK gets called a Quango. A quasi-non-government-organisation.
It is not a government body. It is not under direct ministerial control.
It gets some funds from government (but mostly through fees levied on industry):
https://assets.publishing.service.gov.uk/media/5a7c8eec40f0b...
But it operates within industry as the industry's regulator, and its approach has always been to operate that way (just as the other Of- quangos do).
Here is what appears to be their own take on it.
https://www.ofcom.org.uk/siteassets/resources/documents/cons...
This seems pretty consistent with what I said -- it is essentially a self-regulation body, promoting self-regulation but backed by statutory powers/penalties.
Now what else is untrue?
ETA: rate-limited so I am not able to properly respond to the below. Bye for now.