Convention?
I thought the convention when two pieces of legislation were in conflict was that the later one overrode the earlier one. As there are several years between the relevant acts, the instructions to Ofcom to obey the law override the ability of ministers to instruct Ofcom to break it. (OK, you can tell I'm no lawyer, M'lud, so any competent authorities on el Reg, please advise).
In any case setting the precedent that a Judge (not in the Supreme Court) can decide that 'Parliament got it wrong and I shall implement what I think Parliament should have meant' is probably contempt of Parliament (again, legal Beagles please correct me if I'm wrong).
Oh well, back to the asylum.