Two Somerset real estate agents who secretly conspired with their competitors to fix prices have been disqualified by the Competition Markets Authority (CMA).
David Baker and Julian Frost, who both worked for Abbott and Frost Estate Agents in Burnham-on-Sea, were part of a group fined more than £370,000 (US$524,424) last year after it emerged that they had fixed their commission rates at 1.5%, denying local homeowners the chance of getting a better deal.
Six firms had agreed in 2014 to work together to maximise their profits. Between them,, the agents dominated the local area and their market share was said to be potentially as high as 95%
The CMA announced this week that in addition to the earlier fine, Mr Baker and Mr Frost would be banned from being directors of any UK company for three and a half years and three years respectively.
Directors from the other firms fined as part of the fee-fixing sting could also be disqualified, the CMA said, as its investigations continue.
Full Content: The Times
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