When it comes to cartels, be safe not sorry
The UK Competition and Markets Authority is cracking down on illegal cartel activity, and has launched a campaign to help businesses stay on the right side of the law.
A cartel is a serious violation of competition law - it occurs where competing businesses get together to fix prices, share markets or rig bids for government or private sector contracts.
Cartels are bad for the UK economy - they're a form of stealing which affects other businesses, consumers and often taxpayers.
There can be serious consequences for those involved in cartels. Businesses can be fined up to 10% of their turnover, and individuals can face personal fines, be disqualified from acting as directors, and can even go to prison.
Visit www.gov.uk/stopcartels to find resources explaining what cartels are and how to report them, including:
- short videos
- real life case studies
- online quiz of your knowledge about cartels