Royal Bank Of Scotland And Barclays Raided By Office Of Fair Trading In Price-Fixing

[Legal Beagles]

Two major banks have been raided over possible price-fixing in commercial banking, the Office of Fair Trading has confirmed.

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Re: Royal Bank Of Scotland And Barclays Raided By Office Of Fair Trading In Price-Fix

Banks Raided In Price-Fixing Inquiry

Updated:12:07, Monday June 02, 2008
Two major banks have been raided over possible price-fixing in commercial banking, the Office of Fair Trading has confirmed.

The consumer watchdog launched an investigation into alleged anti-competitive conduct in the Royal Bank of Scotland and Barclays after raiding the banks two weeks ago.


The probe is into loans to professional services companies, such as law and accountancy firms.
"The OFT can confirm that it has launched a Competition Act investigation into alleged anti-competitive conduct in the financial sector," it said in a statement.
"The investigation has a narrow focus, relating to the provision of loan products to professional services firms, and is limited to two parties.
"As part of its investigation the OFT has visited two sets of business premises.
"The OFT's investigation is at an early stage."
Barclays said it alerted the OFT on March 17 after becoming aware that some of its commercial banking staff "had been approached from outside Barclays in a manner which we regarded as inappropriate".
RBS said it was co-operating with the investigation.