The Office of Fair Trading (OFT) has hit RBS with a fine for £28.59m for breaching anti-competition rules by disclosing its pricing information to rival Barclays.
An OFT investigation found RBS and Barclays engaged in anti-competitive practices in relation to the pricing of loan products to large professional services firms. The fine is part of an earlier agreement between the OFT and RBS, in which RBS admitted to certain breaches of competition law and agreed to co-operate with the OFT. Barclays brought the matter to the OFT's attention and under the OFT's leniency policy has not been fined. The fair trading watchdog found between October 2007 and February or March 2008 individuals in RBS's Professional Practices Coverage Team disclosed gen...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes