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Negligence

CGL Group Ltd v Royal Bank of Scotland [2016] EWHC 281 (QB)

24 March 2016

QBD: Judge Bird sitting as a High Court judge

Duty of care — Bank — Claim against bank for mis-selling financial products — Claimant seeking permission to amend particulars of claim to plead bank’s breach of duty of care in conducting financial product sales review — Whether duty of care arising — Whether amendment to be allowed

The claimant purchased two financial products, a base rate collar trade and an amortising base rate swap, from the defendant bank in July 2006 and April 2007, respectively. The Financial Services Authority (“FSA”) subsequently conducted a review into the sale of interest rate hedging products and set up a redress scheme to compensate certain qualifying customers to whom such products had been mis-sold. By a settlement agreement entered...

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