CMA fines estate agents cartel £370,000 for rate fixing
(The Guardian Money News)

The six agents in Burnham-on-Sea, Somerset, were fined for breaking competition law by fixing minimum commission rates at 1.5%A group of estate agents who secretly conspired to keep their fees high to make `as much profit as possible` have been fined £370,000 for operating an illegal cartel.The Competition and Markets Authority (CMA) said this was the second time in two-and-a-half years that it had taken enforcement action against estate agents, and this latest case raised concerns that the sector `does not properly understand the seriousness of anti-competitive conduct and the consequences of breaking competition law`. Continue reading...