Is Ofcom fit for purpose?

The mainstream media and especially the BBC are allowed to police themselves and Ofcom has proven to be useless as an independent regulator. In the case of the BBC they have procedures you have to complete, which always result in denial of any complaint regardless of evidence. If you then go to Ofcom they claim that they will investigate but wont tell you the result. Yet to hear any case were Ofcom has sanctioned any MSM for bias even though that bias is so blatant that you would need to have never  watched any of their political broadcasts to have missed it.