Online sellers receive price fix warning ahead of festive season

Posted by Jasmin Stopford in Personal Finance on 21 November 2016 - Jasmin is a Credit Analyst at checkmyfile

As shoppers prepare for the festive period, online traders have received strict warnings over price fixing.

With the Black Friday discount period nearing, the Competition and Markets Authority are clamping down on anti-competitive behaviour by online sellers. For firms agreeing not to undercut their rivals, the CMA are set to enforce serious consequences.

Stephen Blake, of the CMA’s cartels and criminal group explains, “Online markets are a hugely valuable tool for consumers to shop around and find the best-value products, making the most of effective competition. But these benefits for shoppers are put at risk if the suppliers seek to restrict competition between them. Entering into agreements that limit price competition cheats consumers, is illegal and can have serious consequences for the companies and individuals involved.”

The Competition and Markets Authority revealed that it had already found existing evidence of suspected cartel firms using internet marketplaces such as Amazon and Ebay.

As a result, the CMA wrote to several online companies to notify them that were traders within their company who could be selling customers short by discussing prices with competitors. Included with the letter, the watchdog also provided a checklist of what price fixing is and how to avoid it in the hope that commitment from the companies can help stop collusion.

Online marketplaces have joined forces with the CMA to help distribute its advice to sellers and it is expected that the warnings will reduce any conspiracy amongst sellers, without the expense of the CMA having to carry out a full investigation.

Stephen Blake concludes, “The majority of online sellers want to comply with the law. As we enter the peak shopping months of November and December, sellers should make sure they have read our advice so they don’t get caught out. The consequences for those who don’t can be serious.”

Check Your Multi-Agency Credit Report

30 Day Free Trial

The Cost of Incorrect Information on Your Credit Report

Your credit file is compiled from a number of different sources, including payment history from each of your lenders (past and present) and public data as reported by local authorities and courts. The majority of people find that everything held about them is correct, but due to the large amount of information being shared, errors in the information reported can happen, which can lead to issues when you go to apply for credit.

Published on 2 Feb 2018 by Tom Blandford

Full Article

Your Guide to Open Banking

On 13 January, the UK banks embarked upon arguably one of the biggest changes to personal finances since the introduction of computers. Open Banking is aiming to make it easier for banks, lenders and consumers to access and share information, with a view to creating new products and opportunities through innovation and increased competition.

Published on 15 Jan 2018 by Jamie Mackenzie Smith

Full Article

HMRC Bans Credit Card Tax Payments

From 13 January 2018, it will no longer be possible for consumers to use a personal credit card to make a payment on HMRC’s Self-Assessment tax portal. Historically, this has been a popular option as it allows what is often a considerable sum to be deferred.

Published on 12 Jan 2018 by Tom Magor

Full Article

How to Get the Best Deal When Buying a New or Used Car

Buying a new car is both exciting and expensive, but if you know where to look and when, you can grab yourself a bargain. If you take a little time to look into finance or loan deals as well, you can bring down the overall costs significantly.

Published on 11 Jan 2018 by Kevin Pearce

Full Article

Are football clubs exploiting their fans

With Premier League teams under huge pressure to remain in the top flight of English football, the amount lavished on transfer fees and player wages have soared in recent years.

Published on 8 Jan 2018 by Sam Twyford

Full Article

What The 2017 Autumn Budget Means For First-Time Buyers

Wednesday’s autumn budget brought great news to would be first-time homeowners: if you’re buying a home up to the value of £300,000, you won’t have to pay stamp duty for the property. This, the Conservative Party estimate, will benefit 80% of first-time buyers, saving them potentially thousands of pounds on the total cost.

Published on 28 Nov 2017 by Jamie Mackenzie Smith

Full Article

Blacklists - Ten things you probably didn't know

1. Blacklists are not unlawful. No lender is compelled by law to give credit or to give any reason when declining credit. Each may consult several sources of information before making a decision, including any form of list that may exist. Any list containing personal data is automatically regulated by the Data Protection Act 1998.

Published on 9 Oct 2017 by Barry Stamp

Full Article

Is a credit building card a good idea

A credit building credit card is most often used by people that are either looking to improve their credit rating or take out their first credit card.

Published on 24 Mar 2017 by Kelly Luff

Full Article

Which Credit Report Information Can Landlords See

Whenever you rent a property, you will be required to pass some checks set by the landlord or letting agent to prove that you will be a good tenant and that you’ll be able to afford to rent the property.

Published on 7 Mar 2017 by Kevin Pearce

Full Article

Impacts of late payment on your credit card agreement

We’ve all done it before – had that mad panic when we’ve forgotten to pay a bill. But what happens if you do forget to pay your credit card by the monthly repayment date?

Published on 20 Feb 2017 by Kelly Luff

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews