That caveat sounds incredibly vague and subjective. It doesn't appear to make it impossible for Ofcom to levy a fine of £18m at a free hobbyist site that has a forum. Taken to its limits, this Act makes big, bug chunks of the internet inaccessible to UK citizens.
… of course it’s vague and subjective, that’s every act of every parliament ever, especially those that will never, ever, bother to actually write down the constitution they’re supposedly bound by.