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| Banks target of price-fixing raid | Banks target of price-fixing raid |
| (10 minutes later) | |
| Royal Bank of Scotland and Barclays have been raided by the Office of Fair Trading (OFT) regarding possible price-fixing. | Royal Bank of Scotland and Barclays have been raided by the Office of Fair Trading (OFT) regarding possible price-fixing. |
| The OFT said it had launched a investigation into alleged anti-competitive practices. | The OFT said it had launched a investigation into alleged anti-competitive practices. |
| The investigation concerns loans made to professional services companies, such as law and accountancy firms. | The investigation concerns loans made to professional services companies, such as law and accountancy firms. |
| The OFT said the investigation was in its early stages and had a narrow focus, being limited to two parties. | The OFT said the investigation was in its early stages and had a narrow focus, being limited to two parties. |
| "The OFT will not be in a position to conclude whether the law has in fact been infringed until it has completed its investigation and assessed the available evidence," the consumer watchdog said. | |
| Barclays said it notified the OFT on March 17 that certain members of its professional services team had been approached from outside Barclays "in a manner which we regarded as inappropriate". | |
| RBS said it was cooperating fully with the regulator. |