The Royal Bank of Scotland (RBS) was fined £28.5m by the Office of Fair Trading (OFT) on 30 March 2010 after it admitted breaching competition law. The fine was reduced from almost £34m to reflect RBS’s admission and co-operation with the regulator. The decision follows an OFT investigation into price-fixing within the banking industry. The OFT indicated that it uncovered evidence that members of RBS’s Professional Practice Coverage Team had disclosed to employees of Barclays Bank, confidential generic and specific future pricing details for professional services firm loans. This information was then used by Barclays to determine its own pricing. Barclays was not fined for its participation, having obtained leniency after bringing the issue to the OFT’s attention.