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OFT raids Royal Bank of Scotland and Barclays

The Office of Fair Trading has raided the offices of Royal Bank of Scotland and Barclays over allegations of price fixing.

OFT staff are carrying out an investigation into alleged anti-competitive conduct over the pricing of loans to professional services firms and have seized documents and phone records from both companies’ London offices.

Barclays is understood to have triggered the raids after it blew the whistle to the OFT on March 17, when members of its professional services team were approached from outside the bank “in a manner which we regarded as inappropriate”.

The OFT confirms it has visited two business premises as part of its probe.

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