Big Five fined £1.4m for anti-competitive practices
Authorities in Italy have fined the Big Five accountancy firms a total of £1.4m for anti-competitive practices between 1991 and 1998.
The competition authority said it was fining Ernst & Young, PricewaterhouseCoopers, Deloitte Touche Tomatsu, KPMG and Arthur Andersen for ‘consistently distorting market competition in Italian accountancy services’, the Financial Times reported today.
The authority said in particular that the firms had standardised prices and co-ordinated to win clients.
All the firms admitted the charges, which the authorities said they had taken into account when calculating the fines.