Useful definitions of the main competition authorities in the UK.....
The CC is an independent public body which conducts in-depth inquiries into mergers, markets and the regulation of the major regulated industries. All of the CC’s inquiries are undertaken following a reference made by the Office of Fair Trading (OFT).
The Office of Fair Trading has statutory powers within UK law. Its main aims are to ensure choice and competition within markets, investigate allegations of restrictive practices and abuse of dominant market positions and finally to maintain standards and codes of practice within industries.
If firms are found guilty of the above, they can be fined up to 10% of yearly revenue. Recent examples have included ‘Warranties on electrical goods’ and the price fixing of toys.
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