BusinessCompany NewsWhistleblowers offered more OFT leniency

Whistleblowers offered more OFT leniency

Companies that blow the whistle on fellow cartel members will increasingly have fines - running into millions of pounds - cancelled in return for their cooperation, according to the head of the Office of Fair Trading.

Link: OFT to watch Big Four

Speaking in the Financial Times John Vickers said that enforcement needs both a carrot and a stick. He added that ‘leniency’ is the carrot.

Last month Hasbro, the toy maker escaped a £15m fine while Argos and Littlewoods received heavy fines for fixing the prices of toys and games.

Vickers was speaking ahead of reforms to the OFT which come into force as part of the Enterprise Act later this year.

Under the reforms the OFT is set to become more independent from government with the creation of a new board which will include four non-executive directors.

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