Prosecutions of business cartel directors under new powers are not expected
for at least two years, according to Office of Fair Trading head John Fingleton.
The Enterprise Act, which came into force in 2003, gave the OFT powers to
prosecute businesses that operated cartels, with directors potentially jailed
for up to five years if found guilty of involvement. But Fingleton said that
although the OFT was ramping up efforts to use its powers, it had not yet
pursued criminal prosecutions until now partly because it was unable to
prosecute offences committed before June 2003.
He said the OFT was beginning criminal investigations now, but it would be two
or three years before any cases reached court, according to the Times.
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges