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Customers expect to be treated fairly, but so do suppliers, employees and competitors. The UK now regards sharp practices such as creating favourable circumstances that are harmful to competitors, suppliers or employees as unlawful, even criminal.
Competition
Businesses expect to have to compete for resources from suppliers for employees to carry out their activities and for customers to buy their products and services. For many businesses it is a welcome relief when competition lessens - life feels easier, there is less pressure to be "on top of one's game" to be as productive, innovative and responsive.
Regulation
Once acceptable business practices are increasingly regarded as unlawful or criminal. Unacceptable business practices are targeted by a legion of regulators seeking fair trading and effective competition; the OFT, the European Commission and other international regulators, the Competition Commission, the utilities regulators (OFCOM, OFWAT, OFGEM) and Trading Standards Officers - to name but a few. Many regard the regulators with scepticism and concern. However, if your business is on the receiving end of practices it regards as inappropriate, the regulator may provide redress.
On the other hand, if others allege your business practices to be unfair, your business may face unwelcome attention.
Dealing with regulators is never straight-forward. They may not understand the economics of your industry or the commercial basis of your business. PKF can help you to explain your business and the business economics clearly and effectively. When an inspector calls (or you decide to contact them), your first port of call should be to your lawyer, your second should be us.
Methodology
Our competition and regulation experience includes:
- Understanding the ‘rules of fair play’
- Critique of the regulator’s work and analysis
- Critique of the apparent behaviour of competitors
- Expert opinion on business costs and fairness of prices
- Clear communication of your commercial position to the courts and regulators
- Expert evaluation of damage caused by a breach of regulation or competition law
- Understanding regulators’ statements of practice.
- Competition and regulation assignments
Contact us for more information. |
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