Lousy choice of name.
Maybe the ICSTIS name does have problems, but it at least sounds like a regulator, like an official organisation, because it's a meaningless acronym.
The real problem with 'PhonePayPlus’, however, is that it sounds exactly like one of the crooked operators they're supposed to be policing. If you had a complaint about a premium rate competition scam, would you call someone named 'PhonePayPlus' to discuss it? Or would you expect them to be the sort of people who charge you £1/minute for phoning them?