Businesses can now turn to guidance from the Office of Fair Trading to help them to understand and comply with competition law. Two guidance documents have been produced.
The first is aimed specifically at SMEs (small and medium sized enterprises) setting out step-by-step guides to stay in line with competition law. The second is aimed at directors of all companies, outlining the level of knowledge and understanding directors need to have of competition law.
With businesses liable to be fined up to 10% of their turnover and with directors at risk of disqualification should their companies breach competition law, the guidance is likely to be welcomed.
A link to the two sets of guidance can be found here: http://www.oft.gov.uk/OFTwork/consultations/current/achieving-compliance/ and http://www.oft.gov.uk/OFTwork/consultations/current/company-directors/.