RBS fined £29m over pricing info breach

LONDON – RBS has agreed to pay the UK Office of Fair Trading (OFT) £28.59 million to settle allegations it shared pricing information on future lending packages with rival bank Barclays. RBS admitted that individuals within its professional practices coverage team broke UK competition laws between October 2007 and February or March 2008.

RBS says the incident was “deeply regrettable and isolated” and involved two members of staff. It says one has now left RBS and the other has been suspended

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