Managing the Risk to your Business
The Competition and Consumer Act (Cth) 2010 (CCA) affects the operation of most businesses. The Act covers many obligations in areas such as anti-competitive conduct, price fixing, unconscionable conduct, advertising and marketing, consumer rights and responsibilities.
If any of these obligations are breached, it may lead to substantial penalties being imposed on a business and individuals. In fact, companies may be fined up to a maximum of $10M, three times the gains made from an action deemed to be an offence, or 10% of annual turnover! Individuals can also be fined up to $500,000 and be barred from being involved in management of the corporation. There is also a risk of compensation claims by affected third parties.
The financial impact on a business found in breach of the CCA has the potential to be huge, as well as the negative publicity and serious damage to the company’s reputation that can follow.
Coleman Greig offers specifically tailored solutions and provide your business with the necessary tools to ensure you remain compliant with the CCA and minimise the potential risk to your business and its directors.
Training your staff on the content and implications of the CCA is an essential tool in managing the risk to your business. Making sure that staff members understand their obligations pursuant to the CCA, how their actions relate to the CCA and what is considered a breach of the CCA will ensure your business remains compliant.
At Coleman Greig we offer individually tailored compliance training programs for businesses of all sizes. Whether or not you have had dealings with the ACCC in the past or are subject to the mandatory compliance training, we can provide mandatory and non-mandatory compliance training that will ensure that your staff members are aware of risk issues and know how to deal with them, should they arise. This is particularly prudent if you have new staff joining your business, or need to consider continuing education for existing staff as amendments are made to the law.
The training module is usually delivered as a 3-hour workshop and can be conducted either in-house, at Coleman Greig’s offices or at a venue of your choice.
In addition to training programs, Coleman Greig Lawyers can also develop a plain English compliance manual for use by your staff. This manual covers all of the obligations created by legislation and outlines specific examples relevant to your business.
We can also review your existing compliance manual to ensure that it is current and tailor it more specifically to your business so that it forms an effective component of your policy and operations.
What issues are covered?
The Coleman Greig compliance training and compliance manual address issues such as:
Misleading and deceptive conduct
Price fixing, cartel behaviour and exclusionary arrangements with third parties
Resale price maintenance
Misuse of market power
The Australian Consumer Law including consumer guarantees and unfair contract terms (if relevant to your business)
Dealing with the ACCC and complaints handling.
For more information, or to make an appointment at one of our offices, please contact us.