Interest rate swaps case to get FCA intervention
The Financial Conduct Authority (FCA) wishes to provide assistance by presenting both written and oral submission during an interest rate swap mis selling case against The Royal Bank of Scotland (RBS).
The case of Green & Rowley was the first in relation to alleged interest rate swaps mis selling. The original judgement ruled in favour of the lender.
However this case appears to ‘stand at odds’ with the findings of the Financial Services Authority report into interest rate swaps mis selling which were published a month after the original verdict.
The FSA pilot scheme found that over 90% of interest rate swap sales failed to meet at least one regulatory requirement.
In this specific case the FSA appeared concerned that Mr Green and Mr Rowley were not provided with information which it would have expected to see in order to comply with its regulatory requirements.
The intervention has been welcomed the appellants.
Content correct at time of publication