In the United Kingdom, we have a free market economic system based on supply and demand with little or no government control. Customers are free to voluntarily purchase a good, product, or service based on their own personal preferences. Competition
takes place between rival companies, with some working in conjunction; the most popular companies will win the biggest percentage of market share.
COMPETITION LAW STATEMENT
Competition law aims to ensure that firms compete freely and fairly with one another for the benefit of clients. This statement
sets out a clear commitment by the Board of Directors of (i) Nü Savings Group Limited ('NSG'), (ii) NSG Energy Limited and
(iii) NSG International Limited, known together as (NSG) to comply with all applicable competition laws in all its business
NSG has put in place appropriate competition law policies and procedures to ensure that our group, affiliates
and introducers understand how competition law applies to ensure what they do to avoid breaching the rules and how they
can report internally any concerns they may have about anti-competitive practices.
NSG has a zero-tolerance approach to any conduct that breaches competition law. Infringement of competition law can result in
very serious fines for NSG and may have additional consequences such as reputational damage, litigation, even imprisonment
and/or fines for directors.
To ensure compliance with these laws, NSG and its directors, affiliates and introducer commit not to enter into any arrangements
that are anti-competitive, including:
Not to participate in a cartel;
Not to reach agreements or understandings with competitors that could restrict competition (e.g. to raise prices or rig bids);
Not to exchange, disclose or accept commercially sensitive information with, to, or from competitors
(e.g. on future price increases or commercial strategy); and
Not to agree with competitors to limit competition in a market (e.g. agreement on exclusive territories or allocation
HOW HAVE WE DONE THIS?
NSG has been able to meet competition law criteria; because we do the right thing and have sustainable relationships with
our suppliers and partners:
We are committed to open markets and fair competition. It is important for us to always comply with the rules and regulations of national and international countries;
We also expect this of affiliates and our introducers, business partners, and all other market participants;
We expect any future employees we engage with, will comply with their obligations and tax requirements;
We do not tolerate and refuse to work with any legal entity that knowingly assists or encourages tax evasion
or breaks competition rules.
APPROVAL FOR THIS STATEMENT
This statement was approved by the Board of Directors on 2 June 2021.
Free Market Economy and Competition