WE are warning businesses in the South East to watch out for cartels.
The Competition and Markets Authority is calling for more whistleblowers to expose business cartels with the launch of a national awareness campaign.
New research shows many firms in the South East don’t know enough about how to comply with competition law.
Our latest awareness campaign aims to educate businesses about which practices are illegal and urges people to come forward if they suspect a business has taken part in cartel behaviour such as fixing prices or rigging contracts.
Competition law has a real impact on how day-to-day business is run.
It exists to make sure both customers and businesses benefit from cheaper prices, more innovative products and better service.
Businesses need to make sure they are clued up about what is and isn’t allowed under competition law – the penalties for not doing so can be severe.
The campaign is targeting industries including construction, manufacturing, recruitment, estate agents and property management and maintenance. These are sectors identified as particularly susceptible to cartels. Previous campaigns have driven a 30 per cent rise in the number of tip-offs to the CMA’s cartels hotline.
Businesses found to have been involved in illegal cartels can be fined up to ten per cent of their annual turnover.
Alison Gold is a director at the CMA and regional champion for London and the South East
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