The Court of Appeal (McFarlane, Lewison and Beatson LJJ) has handed down judgment in three linked appeals – CGL Group v RBS, Bartels v Barclays and WW Property v NatWest – holding that banks do not owe a duty of care to customers in relation to the Review they conducted into interest rate hedging products pursuant to the agreement with the Financial Conduct Authority.

This important and much-anticipated decision clarifies the position following conflicting first instance decisions.  As such, the Court of Appeal has refused to recognise what is commonly referred to as a “Suremime claim” following the decision of HHJ Havelock-Allan QC in Suremime v Barclays [2015] EWHC 2277 (QB).

All of the banks involved in the appeals – RBS, Barclays and NatWest – were represented by members of Fountain Court: Andrew Mitchell QC, Patrick Goodall QC, Tamara Oppenheimer, Adam Sher and Ian Bergson.

A copy of the judgment is available here.