The UK OFT accepts fine settlement for price fixing cartel in the bank industry (Royal Bank of Scotland)

Article published on Centre for Competition Policy blog.

Reckless Bank Saved by the Taxpayer Will Now Pay Cartel Fine* British bank, Royal Bank of Scotland (RBS), has agreed to pay a fine of £28.6 million for price fixing. RBS employees shared confidential pricing information concerning commercial loans, with their counterparts at Barclays, who apparently adjusted their own pricing accordingly. The fact that RBS is 84% nationalised means that the OFT is effectively fining the taxpayer. Nevertheless, they should be applauded for not abandoning important enforcement principles. RBS’s offices were

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  • University of East Anglia - CCP (Norwich)

Quotation

Andreas Stephan, The UK OFT accepts fine settlement for price fixing cartel in the bank industry (Royal Bank of Scotland), 30 March 2010, e-Competitions Bulletin Economic assessment of damages, Art. N° 39553

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