The Office of Fair Trading (OFT) has issued a Statement of Objections to Royal Bank of Scotland (RBS) and Barclays following its investigation into the disclosure of confidential and commercially sensitive future pricing information.
A Statement of Objections gives notice of a proposed infringement dcision under the Competition Act 1998 to the parties involved. It sets out the facts on which the OFT relies, the objections raised by the OFT, the action it proposes to take and the reasons for it. This document is not a decision document and the parties have the opportunity to make written and oral representations in response to the alleged case set out by the OFT.
In March, RBS agreed to pay a reduced £28.59 million fine after admitting breaches of competition law and agreeing to co-operate with the regulator.
The matter was brought to the OFT’s attention by Barclays under the OFT’s leniency policy, where a company which is the first to report its participation in cartel conduct may qualify for immunity from penalties. Barclays will be immune from any penalty imposed in this case if it continues to cooperate with the OFT.
Despite the early resolution of the case, the Competition Act requires the OFT to issue its proposed findings in a Statement of Objections to parties, and invite representations from them, before it can issue a final decision and impose a penalty.
