Resolution
The OFT released a 500-page statement which was summed up thus:
| “ | This regular and systematic exchange of confidential information as to intended fee increases was anti-competitive and resulted in parents being charged higher fees than would otherwise have been the case. | ” |
All the schools involved were given fines of only £10,000 each for their infringement (out of a possible 10% of total income) but together agreed to pay £3 million into a trust fund aimed to benefit the pupils attending the schools during the period involved ; it has been stressed that the trust fund is not a fine. The schools will pay equal instalments, finishing in 2010, totalling around £70,000 each. Eton and Winchester obtained 50% cuts in fines in return for co-operation in the investigation of other schools.
Read more about this topic: Independent School Fee Fixing Scandal
Famous quotes containing the word resolution:
“Had I been less resolved to work, I would perhaps had made an effort to begin immediately. But since my resolution was formal and before twenty four hours, in the empty slots of the next day where everything fit so nicely because I was not yet there, it was better not to choose a night at which I was not well-disposed for a debut to which the following days proved, alas, no more propitious.... Unfortunately, the following day was not the exterior and vast day which I had feverishly awaited.”
—Marcel Proust (1871–1922)
“The passions do very often give birth to others of a nature most contrary to their own. Thus avarice sometimes brings forth prodigality, and prodigality avarice; a man’s resolution is very often the effect of levity, and his boldness that of cowardice and fear.”
—François, Duc De La Rochefoucauld (1613–1680)
“It is a part of the American character to consider nothing as desperate; to surmount every difficulty by resolution and contrivance.”
—Thomas Jefferson (1743–1826)