Royal Bank of Scotland (RBS) has been punished with a £28.6 million fine from the Office of Fair Trading (OFT) after it fell foul of competition law.The bank was found to have shared information with Barclays on the pricing of commercial loans, with the two institutions having the lion's share of the loan market for professional service companies based in Britain.According to the Financial Times, the revelation will do little to help the perception that banks in the UK operate within a "club-like atmosphere rather than a highly competitive industry".An RBS spokeswoman singled out two employees as the culprits and said that the incident is "deeply regrettable"."We have co-operated fully with the OFT throughout and have introduced stringent additional competition law training to ensure that this unacceptable behaviour does not happen again," she commented.Forbes reported today (March 30th) that RBS shares dropped two per cent in London in the aftermath of the bank's fine.For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.Posted by John FieldmanHaving worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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