Financial Advice UK - Loans News - Barclays And RBS Raided By Antitrust Regulators

It has been revealed that the Chancellor Alistair Darling held talks with some of the UK largest banks yesterday in a bid to try and avert a banking crisis in the UK. The meeting was attended by...
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Loans News - Last Updated Monday 2nd June 2008

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Barclays And RBS Raided By Antitrust Regulators

Monday 2nd June 2008

In a move which has again put the banking sector in the headlines for all of the wrong reasons it has been announced that both Barclays Bank and Royal Bank of Scotland were raided by the UK Antitrust regulators twelve days ago. While it has been confirmed that the raids were in connection with the alleged price fixing of loans to various accountants, lawyers and an array of other professional services, little more information has been released.

Under the Office of Fair Trading’s ‘whistle blowing’ and leniency program the first company to come forward with evidence of price fixing is treated with leniency and likely to escape regulatory fines. It appears that it was Barclays Bank which broke ranks with the rest of the industry and came forward to report certain issues.

While Barclays and Royal Bank of Scotland are unwilling, and probably unable, to comment further on the investigation it seems as though it could turn into a major issue. There are already talks of substantial fines for those found guilty of the alleged practice and while the investigation will probably last sometime it will never be far from the headlines.

This is yet another serious issue for the UK Banking sector, a sector which has lost many friends over the last few months and seems to be losing the trust and confidence of the City.