Bank offices raided in probe

THE offices of the Royal Bank of Scotland have been raided as part of a competition probe by the UK's trading watchdog.

The Office of Fair Trading (OFT) yesterday confirmed it had launched an investigation into "alleged anti-competitive conduct" by both Barclays and RBS and had raided two premises.

It was reported that the raids took place at the head offices of the two firms in Edinburgh and London, but a spokeswoman for the OFT would not confirm the locations.

The watchdog said the probe had a "narrow focus", relating to the provision of loan products to professional services firms.

Barclays said it contacted the OFT after it became aware that staff had "been approached from outside Barclays in a manner we regarded as inappropriate".

An RBS spokesman said: "We are, as always, co-operating fully with the regulatory authorities."