The OFT has issued the Royal Bank of Scotland (RBS) and Barclays Bank with a Statement of Objections following an investigation into the disclosure of confidential and sensitive information about future pricing.

Barclays was the first party to admit its involvement in these breaches of competition law (which occurred between October 2007 and February / March 2008). Under the OFT’s leniency policy Barclays will qualify for immunity as long as it continues to cooperate with the investigation. RBS has agreed to pay a reduced fine of £28.59 million after also admitting its involvement. Despite the early resolution of the case, issuing a Statement of Objections and then receiving the parties representations on the Statement of Objections are the next procedural steps required by the OFT under the Competition Act 1998 before it can issue a final decision and impose a penalty.