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02/11/2005
OFT encourages firms to ‘blow the whistle’
Businesses who ‘blow the whistle’ on other firms involved in price-fixing and other anti-competitive behaviour will be entitled to partial and total immunity from fines, the Office of Fair Trading has announced.
The OFT said that nearly 40% of small and medium-sized enterprises, who are involved in anti-competitive agreements, would be more inclined to come forward and report their activities if they knew they could avoid or reduce the fines they risk.
As a result, the OFT has begun a campaign – Come Clean on Cartels Month – in order to encourage SME’s to report anti-competitive behaviour.
The OFT’s research found that a quarter of SME’s in the UK felt that they had been a victim of anti-competitive practices, while a third said that they were aware of such practices in their own industry.
Philip Collins, OFT Chairman, said: “We want to urge businesses, especially SMEs, to make a clean break with any anti-competitive agreements they may be involved in. Such activities are illegal and can result in a fine of up to 10% of turnover of a business, or even a prison sentence in the most serious cases.
“SMEs form the dominant part of the economy and we want to ensure that they operate in competitive markets – it is consumers who pay the price for businesses colluding in cartels in the form of higher prices, less choice or lower levels of innovation.”
The OFT said that it had already received 88 approaches under its leniency programme.
Businesses who want to report suspicions about a cartel can contact the OFT’s hotline on: 0207 211 8888, while formal applications for leniency can be made by calling: 0207 211 8117.
(KMcA/SP)
The OFT said that nearly 40% of small and medium-sized enterprises, who are involved in anti-competitive agreements, would be more inclined to come forward and report their activities if they knew they could avoid or reduce the fines they risk.
As a result, the OFT has begun a campaign – Come Clean on Cartels Month – in order to encourage SME’s to report anti-competitive behaviour.
The OFT’s research found that a quarter of SME’s in the UK felt that they had been a victim of anti-competitive practices, while a third said that they were aware of such practices in their own industry.
Philip Collins, OFT Chairman, said: “We want to urge businesses, especially SMEs, to make a clean break with any anti-competitive agreements they may be involved in. Such activities are illegal and can result in a fine of up to 10% of turnover of a business, or even a prison sentence in the most serious cases.
“SMEs form the dominant part of the economy and we want to ensure that they operate in competitive markets – it is consumers who pay the price for businesses colluding in cartels in the form of higher prices, less choice or lower levels of innovation.”
The OFT said that it had already received 88 approaches under its leniency programme.
Businesses who want to report suspicions about a cartel can contact the OFT’s hotline on: 0207 211 8888, while formal applications for leniency can be made by calling: 0207 211 8117.
(KMcA/SP)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
