ACCOUNTANTS have been called upon to help their clients comply with competition law.
The Competition and Markets Authority has created a 60-second summary providing an introduction to competition law, which it hopes will keep the issue at the forefront of advisers’ minds when working with clients.
The summary reveals that 77% of businesses do not understand competition law well, and outlines the potential penalties for breaking the law. It also provides advice for accountants on how to familiarise themselves with common competition law risks.
Judith Frame, CMA head of compliance, said: “We hope this will help accountants put competition law on their clients’ radars to help them avoid risks, and to benefit from competition.
“Research shows that many businesses, particularly smaller ones, could benefit from having a stronger understanding of how competition law affects them.”
The video was compiled by the CMA after working with ICAS and ACCA.
Ken McManus, head of practice support and international services at ICAS, said: “Accountants are trusted advisers and as such are ideally placed to put competition law on the radar of business clients.
“Many businesses might be breaking the law without knowing it, with serious consequences. We’ve worked in partnership with the CMA to produce this quick guide and would encourage all accountants to make business clients aware of their duty to comply with competition law.”