As trusted advisers, accountants have a key role to play in helping clients keep on the right side of the law.
The Competition and Markets Authority (CMA) has published information that will help accountants inform their clients about the importance of complying with competition law. CMA recognises that professionally qualified accountants are trusted advisers for businesses of all sizes working across all sectors, and that they are well placed to guide clients on where to look for legal guidance.
This 60 second summary provides an introduction to competition law and draws attention to research which shows that 77% of businesses do not understand competition law well. It also outlines the potential penalties for breaking the law which can include fines of up to 10% of global turnover for businesses and a maximum five year jail term for individuals involved in cartels. Directors can also be disqualified for up to 15 years.
It also provides accountants with useful pointers on how to familiarise themselves with common competition law risks and recommends steps that any business can take to deal with such risks.