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FCA intervenes in RBS interest rate swap misselling case

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The Financial Conduct Authority has intervened in a Royal Bank of Scotland interest rate swap misselling court case to explain its rules.

The FT reports the regulator will not take a side in the case but has written to the court asking to explain its rules and its interpretation of them.

The case involves Lancashire hotelier Paul Rowley and his business partner John Green, who were sold an interest rate swap by RBS in 2005.

The pair sued RBS claiming they were missold the swap, however RBS won the case by arguing it had properly explained the risks.

Rowley and Green have appealed and are set to argue the case at the Court of Appeal in mid-October. 

Jon Green of Clarke Willmott, who is representing Rowley and Green, told the FT the FCA’s intervention is positive.

He says: “Any assistance that the FCA can provide to the Court of Appeal in determining the appeal is to be welcomed.”

In February, RBS agreed to review the full extent of interest rate swap misselling at the bank and pay any appropriate redress.

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