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| Version 2 | Version 3 |
|---|---|
| Banks target of price-fixing raid | Banks target of price-fixing raid |
| (40 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 an investigation into alleged anti-competitive practices. | The OFT said it had launched an 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. | "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. |
| 'Inappropriate manner' | |
| Barclays said it notified the OFT on 17 March 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. | RBS said it was cooperating fully with the regulator. |
| Barclays also confirmed it had made a so-called "leniency application" to the OFT in March, in which the bank volunteers information in return for a lower penalty, if any is imposed. | |
| UK banks have also come under OFT scrutiny regarding overdraft fees. | |
| The regulator is challenging the overdraft fees of eight banks, including Barclays and RBS, in a High Court lawsuit. |