Loan products to professional service firms: investigation into anti-competitive practices

Office of Fair Trading (OFT) closed Competition Act 1998 case.

• From: Competition and Markets Authority
• Published: 20 January 2011

• Case type: CA98 and civil cartels
• Case state: Closed
• Market sector: Financial services
• Outcome: CA98 - infringement Chapter I
• Opened: 1 April 2008
• Closed: 20 January 2011

Case reference: CE/8950/08

Summary of work

The OFT has completed its investigation into the provision of loan products to professional services firms.

On 20 January 2011 the OFT issued a decision that Royal Bank of Scotland (RBS) and Barclays engaged in anti-competitive practices in breach of the Chapter I prohibition of the Competition Act 1998 and/or Article 101 of the TFEU in relation to the pricing of loan products to large professional services firms. The OFT has imposed a fine of £28.59 million on RBS. Barclays brought the matter to the OFT's attention and, under the OFT's leniency policy, has not been fined.

• Non-confidential version of the OFT’s decision (pdf 765kb)
• Press release - OFT issues decision in loan pricing case 20 January 2011
• Press release - OFT takes next procedural step in loan pricing case 29 September 2010
• Press release - RBS agrees to pay £28.5 million penalty for disclosing pricing information to competitor 30 March 2010

Published 20 January 2011