OFT Offers New Guidance on Competition Law

Posted: 28th July 2011

The Office of Fair Trading (OFT) has made available a package of materials to help businesses comply with competition law. This includes:

· Guidance entitled ‘How Your Business Can Achieve Compliance’;
· Guidance entitled ‘Company Directors and Competition Law’;
· a Quick Guide summary of competition law compliance: and
· a film explaining how competition law works in practice.
The resources can be found on the OFT website.
An independent survey of over 2,000 businesses, carried out for the OFT, has revealed that awareness of competition law is increasing. 25 per cent of those surveyed said that they know ‘a lot’ or ‘a fair amount’ about competition law. This compares with a figure of 12 per cent in a similar survey conducted in 2006. For larger businesses, the figure was 45 per cent, with only 13 per cent of executives responding that they know ‘nothing’ about competition law.
John Fingleton, OFT Chief Executive, said, “Compliance with competition law is essential to ensuring that markets work well for consumers. We recognise that most businesses want to comply with the law and are keen to help them avoid breaching the law in the first place, supporting this by taking strong enforcement action against those who do not comply.”
The OFT urges any person with information on cartels, price fixing or abuse of dominance to telephone the cartels hotline on 0800 0851664 or to email cartelshotline@oft.gsi.gov.uk and gives an assurance that information provided will be dealt with in the strictest confidence. The OFT offers financial rewards of up to £100,000 in return for information that assists investigations.