Society's News

Corporate Members 2022

3PB Albion Chambers Ashfords Barcan + Kirby Beale & Co Bevan Brittan BLM Burges Salmon Clarke Willmott CMS CMNO DAC Beachcroft The Family Law Practice Foot Anstey (including Enable Law) Freeths Fussell Wright GL Law Guildhall Chambers Irwin Mitchell Solicitors Lyons Davidson Marc White & Co Meade King Osborne Clarke Paragon Costs Solutions Queen Square Chambers Royds Withy King Simmons … more

BLS features in Bristol Post oldest thriving companies in Bristol

Excerpt from the article: How Bristol’s oldest companies are still thriving after more than 100 years in business They include the city’s last-surviving chocolate maker a wine merchant and a tannery. Why do some companies struggle to survive beyond a year while others flourish for hundreds? Although more than 90 per cent of small companies in Britain will survive one … more

BLS Annual Awards Dinner 3rd November 2022

Check out our digital Awards Brochure with a welcome from our C0-Presidents, full details of the award categories and links to our wonderful supporters who make this event possible. We look forward to celebrating the best of the local profession with you on 3rd November! BLS Awards 2022 Digital Brochure

Appeal application launched in Interest Rate Swap case Rowley & Green v RBS

Mr Rowley and Mr Green, an estate agent and a hotelier, the unsuccessful claimants in the first of the English Interest Rate Swap claims, have instructed the specialist financial services litigation team at Clarke Willmott LLP to appeal.

The appeal is from the judgment from the Manchester Mercantile court rejecting Messrs Rowley and Green’s claim that they were negligently sold an Interest Rate Swap by The Royal Bank of Scotland.  In dismissing the claim the judge held that:

1              No advice was given, only information. This is despite the bank’s adviser being introduced as a specialist, a reference in the bank’s file notes to the swap being “suitable” and the adviser later conceding that the claimants had not had “good advice“.

2              The statement “Additional costs may be incurred in the event that the customer wishes to come out of this arrangement” was sufficient information and there was no need for the bank to explain the potential risks in any further detail.

The reference to “Additional costs” means little without an explanation of breakage costs, in this case running into hundreds of thousands of pounds.  The claimants were effectively locked into a costly and disadvantageous contract.

Jon Green of Clarke Willmott LLP, Senior Associate and lead solicitor on the case said of the appeal “This appears to be a clear case of mis-selling, these were complex financial derivative products.  Banks are required by the FSA to be clear and fair in their discussions with clients and to ensure that their clients understand the nature of the risks inherent in these products.  It is clear to me that RBS failed to do that.”

“In the Rubenstein case, we led the way to the Court of Appeal decision in favour of the wronged party and we are confident of putting another wrong decision right.  This decision affects not just Messrs Rowley and Green but many Interest Rate Swap victims.  If allowed to stand, the judgment will allow the whole Interest Rate Swap mis-selling episode to go uncorrected and countless businesses will be made insolvent and their owners will be bankrupted.”

Clarke Willmott LLP is acting for numerous clients who have alleged that they were mis-sold Interest Rate Swaps.