29 September 2010
OFT publishes Statement of Objections for RBS case
The Office of Fair Trading (OFT) has released a Statement of Objections (SoO) subsequent to its recent investigation into practice at the Royal Bank of Scotland (RBS) which could potentially cause cases of consumer discrimination.
Earlier this year, OFT scrutinised the financier for alleged instances of it disclosing commercially sensitive and confidential information regarding the future prices of some of its products.
Following a disciplinary hearing conducted by the regulatory organisation in March, RBS agreed to pay a fine of £28.59 million, pleading guilty to breaching competition law after it was found that members of its workforce had leaked both generic and specific details to their counterparts at Barclays.
This was then brought to the attention of OFT by Barclays, which, due to legislation under the organisation's leniency policy, is now protected from any forthcoming further penalty thanks to the publication of the SoO as long as it continues to cooperate fully with the investigation.
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Posted by Richard Saunders