The introduction of the Competition Act on Wednesday will mean SMEs can blow the whistle on companies which abuse their dominant position in the marketplace, the association said.
The Act prohibits agreements, business practices and conduct which would unfairly damage competition in the UK.
This includes agreements to fix purchase or other selling practices or trading conditions; limit or control production, markets, technical development or investment; shares markets or sources of supply; apply different trading conditions to equivalent transactions which will put some parties at a competitive disadvantage; and, make contracts subject to unrelated supplementary conditions.
David Harvey, Head of ACCA’s Small Business Unit, said: ‘The Act means that smaller businesses now have a forum for complaint if they are victims of anti-competitive behaviour. The Director General of Fair Trading has wide-ranging powers to investigate suspected breaches – his officials can enter premises and demand relevant documents or even get a warrant to make a search. Companies found to be in breach of the Act can be fined up to ten per cent of the their UK turnover.’
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice