Competition and consumer lawyers in Iceland

Competition and consumer law covers two related areas. Competition law sets the rules businesses must follow to compete fairly. Consumer law protects private customers in their dealings with businesses, from online shopping to services and unfair contract terms.

Competition rules

The Competition Act No. 44/2005 (samkeppnislög) prohibits cartels and other agreements that restrict competition, and the abuse of a dominant position. Larger mergers must be notified in advance. The rules are enforced by the Icelandic Competition Authority (Samkeppniseftirlitið), whose decisions can be appealed to the Competition Appeals Committee (áfrýjunarnefnd samkeppnismála) and the courts.

Fines can reach 10% of a company's turnover. Because Iceland is in the EEA, the EEA competition rules also apply, enforced by the EFTA Surveillance Authority. Companies that reveal a cartel can benefit from a leniency programme. See competition law in Iceland.

Consumer protection

• Consumer Sales Act No. 48/2003: complaints about faulty goods for two years, or five for durable goods.
• Distance selling rules: a 14-day right of withdrawal for most online purchases.
• Act No. 57/2005 on unfair commercial practices: misleading advertising and pricing, supervised by the Consumer Agency (Neytendastofa).

Consumers can take disputes to the Complaints Committee for Goods and Services (kærunefnd vöru- og þjónustukaupa) for a small fee. Read consumer rights in Iceland.

When to contact a competition or consumer lawyer

Businesses should get advice before cooperating with competitors, agreeing exclusive deals, setting prices as a market leader or completing a merger, and if the Competition Authority opens an investigation. Consumers usually start with the complaints committees, but a lawyer helps with high-value disputes or when a business refuses to follow a ruling.