Watchdog urges advisers to help clients with competition law

Watchdog urges advisers to help clients with competition law

Competition and Markets Authority (CMA) provides advice to help accountants warn clients of competition rules

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.”

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource