From the archives: Bank targeted after price-fixing allegation, 3 June, 2008

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ROYAL Bank of Scotland (RBS) and Barclays have been raided by government officials investigating allegations of price-fixing involving the cost of commercial loans.

The Office of Fair Trading (OFT) confirmed it had launched a probe into “alleged anti-competitive conduct” by the two firms, and said the inquiry had a “narrow focus”.

The trading watchdog added: “The OFT’s investigation is at an early stage. The OFT will not be in a position to conclude whether the law has in fact been infringed until it has completed its investigation and assessed the available evidence.”

Barclays said it contacted the OFT on 17 March after it became aware that certain members of the professional services team in its commercial banking operation had “been approached from outside Barclays in a manner which was regarded as inappropriate”.