PracticeAccounting FirmsBanks under spotlight over professional loans

Banks under spotlight over professional loans

Banks loans to law and accountancy firms are being looked at following claims of 'inappropriate' behaviour

Two of the UK’s clearing banks were raided by the Office of Fair Trading
regarding possible price fixing on loans to professional services firms.

The watchdog confirmed it had visited the offices of Barclays and the Royal
Bank of Scotland as part of its investigation.

‘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,’ it said in a statement.

The investigation was triggered after Barclays contacted the OFT in March
about its professional service team being ‘approached from outside in an
‘inappropriate manner’.

A Royal Bank of Scotland spokesperson said: ‘We are, as always, co-operating
fully with the Regulatory authorities and it would therefore be inappropriate to
comment further.’

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