PRICE-FIXING by cartels and monopoly companies abusing their positions should become things of the past as a result of a States decision yesterday.
Members approved a law that gives new teeth to the existing watchdog, the Jersey Competition Regulatory Authority - including the power to fine firms up to 10% of their annual turnover.
For the biggest firms, that could mean fines of tens of millions of pounds.
The JCRA will have the power to investigate complaints, look through company files and enter premises as part of their inquiries.
The authority will get a £500,000-a-year budget.
Article posted on 24th June, 2004 - 12.00am
Most Commented: