The Office of Fair Trading (OFT) has launched new guidance to help businesses comply with competition law.
The guidance was issued alongside the results of an independent survey of more than 2,000 businesses, carried out for the OFT, which found that 25 per cent felt they knew “a lot” or “a fair amount” about competition law, double the number (12 per cent) in a similar survey in 2006.
For larger businesses, this number was higher at 45 per cent, with only 13 per cent of executives from these larger firms saying they knew “nothing” about competition law.
The survey also found that smaller businesses were less able to identify practices that breach competition law.
In response to the findings and suggestions from business groups, the OFT’s guidance package includes a Quick Guide summary of competition law compliance and a film explaining how competition law works in practice. These highlight how businesses can implement the simple four-step compliance process.
John Fingleton, OFT chief executive, said: “We recognise that most businesses want to comply with the law and are keen to help them avoid breaching the law in the first place, supporting this by taking strong enforcement action against those who do not comply.
“Businesses have told us that competition law is far higher up the business agenda than even five years ago, and this has been confirmed in our survey. The guidance documents published today are intended to support businesses and company directors by providing practical guidance on the steps they can take in order to comply with competition law.”