<img src="https://certify.alexametrics.com/atrk.gif?account=b2hlr1ah9W20em" style="display:none" height="1" width="1" alt="">
    Login
    Get started

    5 top tips to comply with Competition Law

    Published on 04 Jan 2018 by Lynne Callister

    Five estate agents in Somerset have been fined £370,000 by the Competition and Markets Authority (CMA) for operating an illegal rate-fixing cartel.

    The six estate agents attended a secret meeting where they agreed to set a minimum price of 1.5% commission for selling residential properties, preventing sellers from getting a better deal elsewhere. They took it in turns to police the agreement, sending emails if anyone 'cheated' on the rest.

    A sixth estate agent was not fined because it was the first to inform the CMA of the agreement.

    The CMA is clamping down on anti-competitive practices in the estate agency sector after a £735k fine in 2015.

    Top tips to level the playing field & comply with competition law

    comply with competition law

    1. Take extra care at events where any of your competitors are present - it's always safest to avoid talking business with rivals.
    2. Avoid any conversations on pricing, strategy, territory and customers - you must decide and make business decisions independently. If discussions stray into topics that are off-limits, voice your objections and leave.
    3. Don't underestimate it - competition rules apply to small and big business. If you break the law, firms can be fined up to 10% of global turnover, and individuals may be banned or face imprisonment for up to 5 years.
    4. If you make a mistake, come clean about it - you may receive leniency and avoid sanctions if you speak up first.
    5. Report any concerns you have to the CMA's cartel's hotline - Email cartelshotline@cma.gsi.gov.uk or phone: 0800 085 1664 or 020 3738 6888. Remember you may avoid sanctions if you speak up first.

    Want to know more about compliance & the law?

    As well as 30+ free compliance training aids, we regularly publish informative compliance blogs. And, if you're looking for a compliance training solution, why not visit our Compliance Essentials course library.

    If you've any further questions or concerns about Competition Law, just leave us a comment below this blog. We are happy to help!

    Leave a comment

    Tick

    Free Trial: Compliance Essentials

    Skillcast Essentials is our best-selling library and there's a reason for that. Essentials library provides comprehensive coverage of the key compliance / conduct issues that companies in the UK face today.

    Request now

    Transparency International & Skillcast Relaunch Anti-Bribery Training

    Transparency International (UK) have partnered with Skillcast to develop free anti-bribery training resources, including a refreshed version of the acclaimed 'Doing Business Without Bribery' ...

    Read More
    5 Steps You Should Take To Avoid Facilitating Tax Evasion

    Even if a company has no knowledge of its employee or associated person facilitating tax evasion, they could still be held liable for 'failure to prevent' the offence. The UK Government introduced ...

    Read More
    10 Things You Should Do To Improve Risk Management At Work

    Whether it's catching the train to work, crossing the road, investing in financial products, or making dietary choices, life is full of risk. You can't remove it, but you can contain or mitigate it.  ...

    Read More
    Skillcast at World of Learning 2019

    Skillcast are hosting a 30-minute seminar at World of Learning (#WOL19) the UK’s most comprehensive event for all aspects of learning and development. About World of Learning 2019 Showcasing a ...

    Read More