Business Secretary Vince Cable admits many companies could be victims of rate swap scandal Mr Cable said he was keeping "a very close eye" on the growing scandal and confirmed his department was working with the Treasury and the Financial Services Authority (FSA) as part of a review of allegations of mis-selling against banks, including Barclays, Lloyds Banking Group, HSBC and Royal Bank of Scotland. The review, which was prompted by an investigation by the Telegraph, could lead to "action" against the banks, according to Mr Cable, with the FSA expected to report back by the end of the month on whether it thinks there is a need for an in-depth investigation of the issue. "I am keeping a very close eye on what businesses are reporting to me on the mis-selling of interest products and their unintended financial consequence," said Mr Cable. At the weekend, Mr Cable was accused of a "deafening silence" on the issue of mis-selling by Chuka Umunna, the shadow business secretary. Shadow small business minister, Toby Perkins, and shadow treasury minister, Chris Leslie, also took the Government to task for its handling of the issue. "There is a noticeable reluctance on the part of the Government to take the lead and stand up for the hard-working victims in scores of small firms throughout the country," wrote Mr Perkins and Mr Leslie. Labour is calling for an amendment to the Financial Services Bill that will make it easier for the small businesses that claim to have been affected by the mis-selling of interest rate hedging products to bring collective legal actions to the courts. More than 30 MPs from across all the main parties met in Westminster last week to discuss the scandal. Members of Bully Banks, an organisation set up by mis-selling victims, have contacted more than 100 MPs in an effort to build political support for a full investigation of the banks. Guto Bebb, a Conservative MP, has led the campaign and is attempting to force a parliamentary debate on the issue, as well as calling for the Treasury Select Committee to launch its own inquiry into the allegations.