Four Berkshire estate agencies named following CMA cartel investigation

first_imgHome » News » Agencies & People » Four Berkshire estate agencies named following CMA cartel investigation previous nextAgencies & PeopleFour Berkshire estate agencies named following CMA cartel investigationRegulator says its investigation uncovered evidence of price fixing by Michael Hardy, Prospect, Richard Worth and Romans.Nigel Lewis13th June 201903,061 Views The latest price-fixing cartel investigation by the Competition and Markets Authority (CMA) has completed its initial phase and named four estate agencies in Berkshire.These are Michael Hardy, Prospect, Richard Worth Ltd (in administration) and Romans all of which the CMA says its provisional findings reveal to have broken competition law.It says the estate agencies took part in a price-fixing cartel which set minimum levels of sales commission fees within their local market.The cartel also lasted for a shockingly extended period of time, beginning in 2007 and lasting until 2014.Each of the companies involved were found to have agreed minimum commission rates, exchanged confidential pricing information and held meetings during which they colluded to jointly enforce their fees system among themselves.Time to respondThe four companies now have the opportunity to respond to the provisional findings of the CMA investigation before a final announcement is made and any fines or voluntary directorship disqualifications are announced.“Everyone knows selling your home is expensive,” says Howard Cartlidge, Senior Director, Cartels at the CMA (left).“So it’s important that people should be able to shop around all of their local estate agents to make sure they are getting the best possible deal.“Estate agents who conspire to set minimum commission rates are cheating homeowners and breaking the law. Where we find evidence that this is happening, we will not hesitate to take action to protect people selling their home.”Today’s announcement is the third recent investigation by the CMA into estate agency cartels. It follows a similar cartel in Burnham on Sea, Somerset and, prior to that, an investigation into agents involved in the Three Counties Estate Agent Association cartel.   estate agent pricing fixing estate agent cartel berkshire estate agent cartel berkshire estate agent price fixing CMA Romans CMA Michael Hardy CMA Prospect CMA Richard Worth Ltd cartel Romans cartel Michael Hardy cartel prospect cartel Richard Worth Ltd price fixing romans price fixing houses price fixing cartel Howard Cartlidge CMA Competition and Markets Authority June 13, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img

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