RBS fined £28.6m for disclosing loan pricing

The Royal Bank of Scotland (RBS) has been slapped with a £28.6m Office of Fair Trading (OFT) fine for breaching competition rules.

The OFT probe began following a tip-off from Barclays Bank that RBS had disclosed confidential information about the pricing of loans. Rules were broken between October 2007 and February or March 2008, the OFT says. The information concerned the pricing of loans to large professional services firms, such as solicitors, accountancy, and property companies. OFT senior director of cartels and criminal enforcement Ali Nikpay says companies disclosing confidential pricing information face "substantial" penalties. "It is important that companies operating in the UK understand the ser...