Mis-selling of interest rate swaps: Green and Rowley v RBS

In a ruling of interest to those institutions facing potential claims for mis-selling of interest rate swaps, the Court of Appeal has rejected an appeal by Paul Rowley and John Green in their action against RBS (the Bank), holding that the pair had not been advised to enter into the swap in question and, as such, the Bank owed them no common law duty of care. The case provides a measure of comfort to banks and other financial advisers, although its precedent value should not be overstated: judgments in such claims are, by their nature, highly fact specific.

Nevertheless, the case has some important lessons for banks and financial advisers, including a salutary warning as to the care needed when making representations to clients, for example, as to the portability of swaps.

We have also seen cases where banks are withholding consent to the transfer or assignment of swaps on a re-financing, as they may be entitled to do in accordance with the contractual documentation, which whilst securing continued revenue, should be judged in light of any representations at the outset that the swap was (unconditionally) portable, so as not to give borrowers ammunition enabling them to challenge refusals to assignment or transfer…

If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer


5 New Street Square

Turnover (£m): 241.20
No. of lawyers: 860 (UK 200)
Jurisdiction: UK
No. of offices: 6
No. of qualified lawyers: 73 (International 50)
No. of partners: 29