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Estate agent cartel directors disqualified

 

The CMA has secured the disqualification of two directors whose company broke competition law.

 

his follows an investigation that resulted in 5 Somerset estate agents being fined more than £370,000 last year for secretly agreeing between themselves the fees they charged.

 

Mr David Baker and Mr Julian Frost were, at the time, both directors of Abbott and Frost Estate Agents Ltd in Burnham-on-Sea. This was one of a group of estate agents who agreed to fix their minimum commission rates at 1.5%, so denying local home owners the chance of getting a better deal when selling their property.

 

As a result of its investigation, the Competition and Markets Authority (CMA) found that a number of directors were actively involved in the cartel or were aware of it and failed to take steps to stop it.

 

READ MORE HERE: https://www.gov.uk/government/news/estate-agent-cartel-directors-disqualified

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