Competition law summary

The penalties for falling foul of competition law can be significant. Our summary gives you the facts, as well as tips on what to look out for.

The prohibitions

Competition law seeks to create a level playing field in business by prohibiting anti-competitive practices. It prohibits anti-competitive agreements, abuse of a dominant position in the market and engaging in a cartel. The penalties for infringement can be severe. Businesses can be fined up to 10% of their annual worldwide turnover and ordered to change their behaviour. Individuals involved can be imprisoned, fined and disqualified as a director.

More than 75% of businesses surveyed by the government in 2018 reported low awareness and understanding of competition law (https://tinyurl.com/qgw6vld). Use our summary to make sure your business isn’t one of them.