IRC color codes break UTF-8 decoding

[Tronic]

Messages sent from IRC to Matrix get incorrectly decoded using fallback charset rather than UTF-8 if they contain IRC color codes which begin with byte \x03. An example, with IRC client configured to use UTF-8:

<ircuser> Testing ä ö
<ircuser> ^C07Testing ä ö  (^C means pressing Ctrl+C in an IRC client, initiating a color sequence)

This displays on Matrix side with the second row in orange (as specified by color code 07) but with umlauts misdecoded using the fallback charset where UTF-8 should be used:

<ircuser> Testing ä ö
<ircuser> Testing À ö

Note: \x03 is completely valid UTF-8, although its meaning is a control character rarely ever used in normal systems (other than IRC).

Expected behavior: presence of colors in messages should not affect the decoding charset used. Umlauts should display as ä and ö on both rows.

I hope that I posted this issue on the correct project, considering that I'm using the IRC bridge at https://syscom.utwente.io/info/matrix/irc/ircnet/ and the Element Web client.