CMA

Latest: Shocking details of Berkshire agents cartel case laid bare

The detailed discussions between the four estate agents involved in the Berkshire cartel case have been published by the Competition and Markets Authority (CMA), along with shocking evidence given by the individuals involved. These are largely emails sent between people working at Michael Hardy, Prospect, Richard Worth and a branch of Romans and are the lion’s share of the evidence gathered by the CMA to come to its decision on the cartel case. The discussions took place between September 2008 and May 2015 and were part of a ‘concerted effort’ to fix and maintain a level of commission fees for property sales in five areas. These were Wokingham, Winnersh, Crowthorne, Bracknell and Warfield. The combined £605,519 fines levied on three of the companies, Michael Hardy, Prospect and Richard Worth were revealed in December following a year-long investigation. Highlights of the report include inconsistencies in the evidence given by a Romans director during two interviews, who was also accused during the investigation of not cooperating with the CMA during it early stages. A director of Richard Worth initially refused to be interviewed but later relented. The cartel was prompted largely by the severe downturn in the economy and property market created…