Regulator steps in over RBS mis-selling case

clock •

The Financial Conduct Authority (FCA) has intervened in a test case in which the Royal Bank of Scotland (RBS) is accused of mis-selling interest rate swaps.

According to a report in the Financial Times, Paul Rowley, a Lancashire hotelier, and his business partner John Green, were sold an interest rate swap in 2005. After losing at the trial court, they are due to argue their case for redress to the Court of Appeal in mid-October. The FCA has written to the court asking permission to participate. It had not taken up the cause of either side, but wanted to explain its rules and its interpretation of them to the court, the regulator said. RBS won the initial case by arguing it had properly explained the risks. UK regulators in January ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA stands firm on not advocating for legislative change on AI

FCA stands firm on not advocating for legislative change on AI

‘That is the appropriate proportionate response’

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA deputy CEO confirms simplified advice rules will  be published 'soon'

FCA deputy CEO confirms simplified advice rules will be published 'soon'

Sarah Pritchard speaks at the Investment Association Annual Dinner

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

Vector Wealth’s Jeffrey Dawkins fined almost £270,000

Sophia Panayi
clock 21 October 2026 • 1 min read