A leading law firm is urging businesses and financial institutions to prepare for the launch of the new Competition Act or face heavy fines.
The main provisions of the Act do not come into force until March 2000 but law firm Cameron McKenna says nearly 60 per cent of British businesses are failing to prepare for it.
Cameron McKenna competition expert Richard Taylor says: "Breach of the new law can entail very large fines. The EC Commission has fined companies up to £50m on several occasions for infringing the equivalent EU law."
The OFT is issuing consultation guidelines and a video to explain the new Competition Act and its power to carry out 'dawn raids'.