#WBD Blog

Less than 25% of UK suppliers are aware of Competition Law

Less than 25% of UK suppliers are aware of Competition Law and how it affects their business.

In the most recent CMA (Competition and Markets Authority) research there are some startling findings. Did you know that:

• Less than 25% of suppliers stated that they understood competition law well.
• 66% of suppliers admitted that they didn’t know about the law very well, if at all.
• Less than 10% claimed that they had a good awareness of the penalties involved for non-compliance.
• Over a third of suppliers admitted to having either a very poor knowledge or no knowledge of potential penalties. A frightening 4% claimed to have no knowledge of the penalties that can be incurred.
• Leadership teams reported that only 20% regularly discussed competition law vs 85% who regularly discussed health and safety.

Did you know that, if you were to contravene competition law, the maximum fine for your company is 10% of its global turnover?!Test yourself with these questions:- Does your company have a compliance programme?

• Is it easy to understand and part of training for legal and sales teams?
• Have you identified how competition law could actively help your business in its trading relations? (It’s not just about compliance)
• Do you have a senior level review process in your business?

If the answer is no to any of the above questions, then ‘take action’ now!To support your customer and legal teams, the British Brands Group provides a range of functional training with courses covering GSCOP, Competition law and compliance and Trading with Amazon, whether as a vendor or a seller. All feature a strong commercial bias, being about understanding and application in the trading world.

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