Banks face thousands more rate swap mis-selling claims after Clydesdale and Yorkshire banks widen review More than 40,000 interest rate swaps are estimated to have been sold to small businesses, according to the Financial Services Authority. Including fixed-rate loans products could easily double this number, according to derivatives experts, and enormously increase the potential compensation cost to banks. At the weekend, Ed Miliband told The Sunday Telegraph he would "personally" intervene with the FSA to examine complaints by several small businesses that the regulator's independent compensation scheme is taking too long and gives too much power to the banks. All of Britain's four major high street banks have signed up to the scheme as have seven other smaller lenders, including Clydesdale and Yorkshire, and Santander UK. Barclays has made a £450m provision against the cost of compensating customers mis-sold interest rate swaps, the largest of any bank, while HSBC and Royal Bank of Scotland have also set aside money to pay claims. Lloyds Banking Group has said it does not expect the compensation claims to be "material."