Royal Bank of Scotland Plc (RBS) has been fined 28.6 million pounds (US$43 million) by U.K. authorities for sharing confidential securities pricing information with Barclays Plc, the Office for Fair Trading said this week.
The fine is the largest ever levied against any U.K. financial institution. The illegal disclosure occurred between October 2007 and February 2008 the Office said.
“It is important that companies operating in the U.K. understand the seriousness of such conduct and ensure effective competition compliance throughout their organization,” the office said in a statement.
RBS is currently rebuilding its business following a 45.5 billion-pound (US$68.5 billion) bailout by the British government during the financial crisis.
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