Thank you for contacting us.
We will get back to you as soon as possible.

Contact us


You acknowledge that by submitting your details via this page, you consent to us processing your personal data in accordance with our privacy policy.

Drive to improve awareness of competition law

Drive to improve awareness of competition law

The confusion surrounding competition law has been a cause for concern for some time.

With this in mind, the Competition and Markets Authority (CMA) has recently produced some resources in an effort to improve understanding of competition law.

Previous studies have shown that many SMEs have a limited grasp of how competition laws work in practice, and so the CMA has produced a series of short films, a checklist and a couple of “at a glance” guides, which the organisation hopes will raise awareness of how anti-competitive activity can impact businesses.

Among the main aims of the campaign are to make businesses aware of the possibility that their competitors or suppliers may be breaking the law and advising on steps to prevent staff at their own operation acting unlawfully. While the majority of small businesses are against anti-competitive practices and want to act in accordance with the law, their limited knowledge can pose real problems – as a survey carried out last year revealed.

In the East of England, only 31 per cent of respondents knew that it was unlawful to set the price for re-selling a product and almost half didn’t realise that price-fixing was illegal.

If you are unsure of whether your commercial arrangements comply with competition laws, then do seek legal advice. This is particularly important, as the penalties for breaching competition laws can be prohibitive, with businesses in extreme cases being fined up to 10% of their annual worldwide turnover. 

For further information on competition laws, please contact Rina Sond

 

Please note the contents of this blog are given for information only and must not be relied upon. Legal advice should always be sought in relation to specific circumstances. 

Keep It In The Family (Friday 18 October 2019)
18 Oct 2019 - posted in Events

Are you thinking about updating your will or worried about inheritance tax?

Read more
Quiz guests raise £2750 for charity
14 Oct 2019 - posted in News

Quizzers at the annual Longmores Charitable Foundation Quiz raised an impressive £2750 beating last year’s total.

Read more
Great results for Longmores in the Legal 500 rankings
27 Sep 2019 - posted in News

The Legal 500 rankings have been released today for their UK 2020 guide with Longmores achieving rankings for five of its practice areas and eleven...

Read more