OFT - anyone for tea ?
"In June 2009, the OFT received information suggesting that certain
arrangements between a large number of insurance companies operating
in the broker insurance market might be in breach of the Chapter I
prohibition of the Competition Act 1998 (the 'Act') and/or Article 101 of
the Treaty of the Functioning of the European Union ('TFEU')."
June 2009 to December 2011 - 2.5 years to get to a commitment not to break the law. Wow, that's powerful.
Of course, Sir Humphrey couldn't miss his appointments at his London club, the civil servants could not exceed their 37h weeks to act in the consumer interest any faster.
These insurance companies were exchanging information on future prices. Their punishment - forced to sign a piece of paper saying they won't do this again.
Thanks OFT for your quick, decisive and powerful work. Have a bonus.