Penalties for not complying with UK competition law
A fine of up to 10% of group global turnover in the last financial year. On an individual basis, company directors could face criminal prosecution and director disqualification through a competition disqualification order.
The penalties for noncompliance with UK competition law are enough to make any company or individual director wince. They include: An agreement can be found to be unenforceable, exposing the company to financial loss and damages claims. A fine of up to 10% of group global turnover in the last financial year.
A Risk-Based Approach to Ensure Your Business Is Compliant
Setting the core context: commitment to compliance
Actions to Take If You Think Competition Law Has Been Broken
Leniency and informant rewards
Anti-Competitive Behaviour to Watch Out For - Abuse of A Dominant Position
A business can breach competition law, even without collusion or agreement with other businesses, if it has a ‘dominant position’ in a market and it unilaterally abuses that dominant position.
A business will have a dominant position, broadly speaking, if it has market power.
The definition of this is not black-and-white, but broadly speaking the r.
Forewords
Iain Wright, Institute of Risk Management
Further Information About The Short Guide
Our project team
How This Guide Can Help You
This guide provides a basic overview of the law, outlining the steps you can take to help identify and mitigate competition law risks specific to your organisation.
It is intended to help you ensure your business is compliant with competition law.
It may help you to spot when others are engaging in illegal anti-competitive behaviour and it provides.
Reasons Why Complying with Competition Law Is Good Business Practice
Competition law is designed to protect businesses and consumers from anti-competitive behaviour.
The law safeguards effective competition in order to deliver open, dynamic markets and enhanced productivity, innovation and value for customers.
All businesses must comply with competition law and there can beserious consequences for businesses and ind.
Risks to Your Business If Competition Law Is Broken
Fines on the business
Should penalties be increased if a company breaches competition law?
The revised guidance emphasises that penalties may need to be increased to achieve deterrence where a company is large; penalties that do not deter an infringing company from breaching competition law in the future are also unlikely to deter other companies from breaching competition law.
Understanding The Increasing Risks For Company Directors
If you are the director of a company that is caught breaking the law through anti-competitive activity – such as price-fixing, bid-rigging or market sharing – you could face serious personal consequences.
What do our enforcement powers mean for directors:.
1) Where we find a director was involved in the breach, they may be disqualified and their com.
What is competition law in the UK & EU?
Both UK and EU competition law prohibit agreements, arrangements and concerted business practices which appreciably prevent, restrict or distort competition, or where this is the intended result, and which affect or may affect trade within the UK or the EU respectively.
