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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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26 March 2004
OFT urges consumers to shop around for savings
Consumers are being urged to use their spending power – and shop around, not just in terms of price but also after-sales service, delivery terms, and any extras that might be offered by retailers. An Office of Fair Trading (OFT) campaign is encouraging consumers to explore their options, and not to simply accept the first thing that is offered.
OFT urges consumers to shop around for savings
Consumers are being urged to use their spending power – and shop around, not just in terms of price but also after-sales service, delivery terms, and any extras that might be offered by retailers. An Office of Fair Trading (OFT) campaign is encouraging consumers to explore their options, and not to simply accept the first thing that is offered.
19 December 2014
Investigation Underway Into Substation Explosion
An investigation has been launched into an explosion at an electricity substation in Leicestershire. Fire crews were called to reports of an explosion at the plant on Middlefield Lane in Hinckley at about 15:15 on Thursday. Emergency services set an exclusion zone around the site with nearby businesses evacuated for safety reasons.
Investigation Underway Into Substation Explosion
An investigation has been launched into an explosion at an electricity substation in Leicestershire. Fire crews were called to reports of an explosion at the plant on Middlefield Lane in Hinckley at about 15:15 on Thursday. Emergency services set an exclusion zone around the site with nearby businesses evacuated for safety reasons.
17 February 2014
PM Visit Flood Hit Areas
More heavy rain is expected in areas already affected by flooding, according to the Met Office, which has issued a yellow warning for rain in south-west England and 16 severe flood alerts in southern England. However the situation in the worst-hit areas of the Thames is expected to improve this week.
PM Visit Flood Hit Areas
More heavy rain is expected in areas already affected by flooding, according to the Met Office, which has issued a yellow warning for rain in south-west England and 16 severe flood alerts in southern England. However the situation in the worst-hit areas of the Thames is expected to improve this week.
01 August 2011
Early Measures Will Help SMEs Access Equity Financing
The Financial Secretary to the Treasury has announced that two deregulatory amendments to the EU Prospectus Directive have been brought into effect a year early by the UK to help small businesses access equity finance more cheaply and effectively.
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22 October 2008
Mandelson Pledges Support For SMEs
The government will push billions of pounds into the small business sector by radically reducing the lag time in paying its bills, Peter Mandelson has announced. This is one of a number of measures to be introduced by the new Business Secretary to help bolster small and medium-sized enterprises in the UK.
Mandelson Pledges Support For SMEs
The government will push billions of pounds into the small business sector by radically reducing the lag time in paying its bills, Peter Mandelson has announced. This is one of a number of measures to be introduced by the new Business Secretary to help bolster small and medium-sized enterprises in the UK.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
