Appeal relating to alleged misselling of interest rate swaps dismissed

On 9 October 2013, the Court of Appeal handed down its decision in Green & Rowley v Royal Bank of Scotland plc [2013] EWCA Civ 1197, the first interest rate swap mis-selling case to come before the English courts since June 2012 when the FSA (now the FCA) announced a review into the sales of interest rate hedging products.  In a ruling that will be welcomed by financial institutions, the Court of Appeal has rejected the proposition that, in non-advised transactions, a bank's common law duty not to mis-state is informed by the relevant COB rules.  The decision effectively rejected an attempt to widen the category of individuals who can bring a claim for breach of the COB/COBS rules.  To read our more detailed briefing, click here.