OFT investigates price-fixing at UK banks

The two banks have had their offices raided over concerns about loans made to professional services companies, such as law and consultancy firms.

The OFT has confirmed that it is making an investigation into alleged anti-competitive practices, with both firms saying they are co-operating with the OFT.

Barclays is known to have notified the OFT of potential problems on 17 March after some employees were approached from outside in an ‘inappropriate manner.

Barclays has also made a leniency application to the OFT, whereby it will volunteer information in return for a lower penalty.

The OFT says the investigation is in a very early stage and is focused purely on the two banks named.

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John Bakie
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