Estate agents, including employees, are among those being offered up to £100,000 to blow the whistle on illegal cartels.
Making the announcement this morning, the Competition and Markets Authority said it is launching its first advertising campaign to crack down on cartels.
Its press release specifically mentions the latest case involving agents, where firms in Burnham-on-Sea, Somerset, agreed to fix their fees at 1.5%.
The release mentions two other recent cartel cases, and says that further cases of suspected cartel are under investigation.
Andrea Coscelli, acting chief executive of the CMA, said: “Cartels are a form of stealing that cheat ordinary people as well as other businesses by undermining competition, and we are committed to tackling them wherever we find them.
“Cartels are carried out in secret to make you think you are getting a fair deal, even when you are being conspired against to keep prices high.
“Cartels are both harmful and illegal, and the consequences of breaking the law are extremely serious. That is why we are launching this campaign – to help people understand what cartel activity looks like and how to report it so we can take action.”
Splitter
Did they fix the online agents as well?
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Yes I was wondering that what about the “independent” 400 LPEs at Bricks who confirm that their fees are carved in stone
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Cartel? Surprised not to hear from Trevor M yet.
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OI! That’s my line!
I will forgive you this time though 😉
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Hmmmm
The only Cartel in our area is one which is making sure fees are so low that sales agents are struggling to make ends meet, so perhaps this could be called a Letrac ………
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UK 1 to 1.5% average?
Australia 3%
America 6%
Europe 6 to 17%
NO SALE, NO CHARGE, NO GAMBLE ?
Stamp Duty charge based on the average property price of say £300,000 equals 1.66% plus 20% VAT on agents fee.
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Be better employed stopping builders selling leasehold houses to first time buyers.
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Anyone considering such an act – and mores likely destroying their future employment potential – should read the leaflets entitled
“30 Pieces of Silver Won’t Last You Forever”
“A Hundred Grand? In your Dreams, Chum”
and
“If Something Seems Too Good to be True…”
available at larger branches of Narks’r’Us.
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Oil prices are fixed by manipulating the volume of barrels produced? Is that not a cartel? Gold is the same. Supermarkets dictate the price of milk? And dont even start on utility compsnies. I tell you what, lets just keep kicking the High Street agents into oblivion leading the way for the online platforms. Anybody got a stash of online only shares???
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