CMA helps SMEs grasp competition law
The Competition and Markets Authority (CMA) has launched new material aimed at helping SMEs understand the dos and don’ts of competition law. Companies can now access advice on the law and how to comply alongside information on what to do if they suspect another firm is breaking the law.
CMA research suggests that 77% of firms either don’t know competition law very well or haven’t heard of it at all – for example, just 55% of businesses surveyed knew price-fixing was illegal, 18% wrongly thought it was acceptable to agree prices with rivals and 27% were unsure. In addition, 23% of respondents thought it was “okay to discuss prospective bids with competing bidders” and 29% were unsure if bid-rigging was illegal.
The same research also revealed that SMEs want straightforward material that explains the main behaviours that breach competition law and how to comply with the law. In response, the CMA has created a suite of materials, including eight animated films and a quiz, to help small businesses understand competition law and how it affects them. The short films can be watched on the CMA’s YouTube channel.