Bankers acted as 'salesmen'

Royal Bank of Scotland business bankers were acting purely "as salesmen" when they introduced small businesses to interest rate swaps in 2007, the Court of Session heard yesterday from the bank's own counsel.

Managers had no "duty of care" and bore no responsibility for any opinions they may have given, Alistair Clark, QC, told Lord Hodge.

Grant Estates, a small property company which claims the cost of an interest rate swap agreement (IRSA) with the bank in 2007 pushed it into administration last year, is claiming fraudulent and negligent misrepresentation, unfair contract terms, breaches of conduct of business rules, and failure of the bank's duty of care.

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