The Competition and Markets Authority (CMA) has launched a campaign to raise awareness on how to comply with competition laws. This is in response to new research which shows that many businesses are unaware of the rules on anti-competitive behaviour, including price fixing, discussing competing bids or rigging contracts.
The ICM research confirms that out of 1,201 companies surveyed:
- only 57% knew it was illegal to fix prices;
- nearly half either didn’t know or thought it was legal to discuss prices with competing bidders when quoting for new work;
- significantly more than half (59%) didn’t know or thought that dividing up and sharing customers with rivals was legal.
The campaign uses simple imagery on social media sites and a dedicated website.
If you would like more information on competition laws and your responsibilities as a business owner, follow this link to the CMA website.
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It comes as new research shows many firms don’t know enough about how to comply with competition law. The Competition and Markets Authority’s (CMA) latest cartel 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.