Information published today by The Competition and Markets Authority (CMA) aims at helping accountants inform their clients of the importance of complying with competition law.
Accountants are trusted advisers for SME’s and larger businesses working across all sectors and are well placed to guide clients on where to look for legal guidance.
The CMA has created a 60-second summary which provides an introduction to competition law after working closely with the Association of Chartered Certified Accountants and The Institute of Chartered Accountants of Scotland.
The video explains the importance of competition in creating a level playing field for businesses and outlines where accountants can find more information on anti-competitive behaviours.
The summary draws attention to research which shows that 77% of businesses do not understand competition law well.
It goes on to outline the potential penalties for breaking the law, which can include:
- Fines of up to 10% of global turnover for businesses
- Maximum 5-year jail term for individuals involved in cartels
- Directors can also be disqualified for up to 15 years.
The resources can be found on the CMA’s webpage. Further information can be found here: Competition law risk: a short guide and here: Advice for company directors on avoiding cartel infringements.
Our team of experts is always on hand to answer questions about competition law.