Byline: Michael Seamark
THE tough new Press watchdog could be up and running in a matter of months after 'very significant progress' in setting up the regulator, it emerged yesterday.
The newspaper industry is close to sending out the contracts that will establish the Independent Press Standards Organisation (Ipso).
It is the industry's aim to have the new body launched, up and running by the early part of next year.
Britain's 200-plus newspaper and magazine publishers outlined details two months ago of the proposed new watchdog, following the Leveson Inquiry into media standards.
It will have far tougher rules than the previous Press regulator, the Press Complaints Commission.
The new watchdog will have the power to impose fines of up to [pounds sterling]1million for systemic wrongdoing and require all editors to publish upfront corrections in their papers or magazines 'whether editors like it or not'.
Ipso will include a standards and compliance arm, with investigative powers to call editors to account.
A majority of its members at all levels will be independent and there will be no industry veto on appointments to the body.
Newspaper publishers say that Ipso will be a 'complete break with the past' and will deliver all the 'key recommendations' made by Lord Justice Leveson. …