The Competition Authority has launched new legislation to increase competition in Ireland’s economy in an effort to control spiralling inflation.
The Competition Act is designed to crack down on price-fixing by increasing the penalties for firms found guilty of uncompetitive practices.
Under the act, fines of up to €4m or 10% of a company’s turnover can be imposed.
The legislation also expands the investigative powers of the Competition Authority, giving it the right to summon witnesses, to search homes and to appoint fraud investigators.