Published On: Wed, Feb 7th, 2018

Concern about competition in construction and banks

RomeroWILLEMSTAD - The Fair Trade Authority Curaçao (FTAC) is concerned about competition in the financial sector and construction. This is evident from the annual agenda 2018 which was published today by the FTAC on its website. In this annual agenda, the FTAC indicates that in 2018 it will focus in particular on the financial and construction sectors. Own analysis and a consultation show that competition barriers are experienced or suspected in these sectors. That is why FTAC is going to investigate this further.

Chairman of the FTAC Alberto (Chos) Romero: “It is now important to get clear where and in what way the competition can be improved in the financial sector and construction. Every consumer has to deal directly or indirectly with these two sectors. It is therefore important for both sectors that any competition problems leading to unnecessary costs are addressed.”

The FTAC will conduct a research into how the financial and construction sector works and where the competition risks are. The FTAC can also conduct investigations if there are signs of possible violations. Where the FTAC establishes violations of the National Ordinance on Competition, it will terminate it and, if necessary, penalize it. The fines can then amount to 10% of the annual turnover of the company concerned.

The annual agenda also indicates that in 2018 the FTAC will continue to provide information and investigate self-regulation within branches. Finally, the FTAC intends to advise the government on existing or proposed laws and regulations that are against healthy market forces.

More competition leads to lower prices, more innovation, better quality and more service. That is in everyone's interest.

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