Latest mega-fine shows the OFT means business
For years competition policy in the UK seemed to be a case of plenty of talk but little action. But the Office of Fair Trading's (OFT) move last month in fining Royal Bank of Scotland (RBS) a hefty £28.6m for breaching competition law is the latest in a series of recent reminders that the years of hot air are finally translating into a more robust enforcement policy.
April 14, 2010 at 06:14 AM
4 minute read
£28m fine for RBS in price-sharing case underlines tougher competition regime
For years competition policy in the UK seemed to be a case of plenty of talk but little action. But the Office of Fair Trading's (OFT) move last month in fining Royal Bank of Scotland (RBS) a hefty £28.6m for breaching competition law is the latest in a series of recent reminders that the years of hot air are finally translating into a more robust enforcement policy.
As Slaughter and May competition partner Michael Rowe acknowledges: "The OFT is increasingly seen as a robust and effective regulator. In the boardroom over the last few years people have sat up and taken notice. Directors can no longer afford to ignore competition law – the financial penalties and risk of imprisonment are too severe."
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