Property holding company CGL Group Limited (CGL) bought two financial products from The Royal Bank of Scotland (RBS), a base rate collar trade and a swap. Both were closed out after interest rates fell. RBS acknowledged that CGL fell within the FCA redress scheme for its base rate collar trade, but not for its swap. CGL brought a claim against RBS for alleged mis-selling of two interest rate hedging products. RBS argued that they were time-barred. CGL accepted that allegations for breach of duty were time-barred but argued that it could bring its claims because it had only obtained the necessary knowledge for them under the Limitation Act 1980 when reports of FCA’s review were published. RBS contended CGL acquired the relevant knowledge more than three years before proceedings were issued. The court observed that the extent of the knowledge necessary and when it was acquired were questions of fact. There also had to be a causal relationship between the knowledge and the damages that CGL was alleged to have suffered. The court determined that CGL’s claim concerned an alleged failure by RBS to provide advice and information and that CGL had more than a mere suspicion that it had been mis-sold in 2009, which sufficed to give it knowledge. Thus the claim was time-barred as CGL had not brought the claim within three years of acquiring the requisite knowledge. (Source: Court rules mis-sold swap time-barred)