This post was also written by Angela Gregson.
The OFT has afforded itself an enhanced ability to set higher fines in UK competition cases. Changes made by the OFT to its procedure for determining the appropriate level of fine include an increase in the starting point of the fine from a maximum of 10% of relevant turnover to a maximum of 30% of relevant turnover. The OFT have also added an additional step to the calculation process in relation to adjustment for deterrence or proportionality. The new guidelines are effective immediately, and apply to existing investigations which have not yet progressed to a statement of objections.
Please click here to read our full Client Alert in relation to this important change.