Bob wrote:

Outside London bus companies have a direct incentive to collect fares
because they are taking the revenue risk. In London TfL takes the
revenue risk but fares used to be collected by the franchised bus
companies.Did they just turn over the cash to TfL at the end of the
day? How did TfL check that all the fares that should be paid were
paid? Does the move to Oyster Cards now mean that the cash now flows
straight from the consumer to TfL? In which case how does it check that
all passengers who should have checled through using their Oyster Cards
have done so? Does anybody keep a check on the number of young people
and pensioners using their concessionary travel?

TfL Ticketing Systems are provided under a PFI contract known as
Prestige. Each ticket machine has a "Module" which records how much
money the bus driver has taken/machine has recorded. When a driver
finishes their duty at the garage the module is inserted a vending
machine type box and all the cash goes in there too. This is then taken
away by one of TfL's contractors. TfL Revenue and Enforcement staff
carry out regular checks to prevent fraud. The ticket machine modules
also record the different tickets.

Underground stations at the present time have a full accounting
procedure checked and signed off by the Station Supervisor to ensure
that all monies are accounted for. This is however, as part of the
continued closing of ticket offices and reduction of ticket office
staff soon to be replaced by ESAF, where all money is simply put into a
bag at the end of the day and sent off! Woolworths started using this
system, but soon stopped as too much money was being stolen.!