The Office of Fair Trading (OFT) has issued a Statement of Objections to the Royal Bank of Scotland (RBS) and Barclays Bank (Barclays) outlining its findings following an investigation into alleged breaches of competition law. Barclays acted as the ‘whistleblower’, providing information to the OFT concerning exchanges of sensitive future pricing information between the two banks. In exchange for informing the OFT, Barclays has been granted immunity from fines. In March 2010, as part of a settlement arrangement with the OFT, RBS admitted to illegal activities during the period October 2007 and February/March 2008. As part of the settlement arrangement RBS agreed to pay a fine of £28.59m (reduced from £33.6m). Under the settlement procedure, the OFT is still obliged to issue its initial findings in a Statement of Objections and invite representations from Barclays and RBS before it issues a final decision and imposes the penalty.