According to the industry regulator, as many as 40,000 of these financial products have been mis-sold in the UK. The big four High Street banks are now being forced to start a review to redress this.

The complex financial agreements were offered to businesses alongside loans, and were sold on the basis that borrowers would be protected from rising interest rates. In some cases, the bank required the borrower to take out a swap agreement as part of the loan arrangement.

Chris Baker, associate at Linder Myers in Shrewsbury said: “Today’s announcement is good news for small businesses and will mean thousands, if not millions, of pounds will be recouped, which will be a lifeline for many who are struggling to survive in tough market conditions.

“We have launched this service to help small businesses recover the maximum amount of compensation that they are due. Unlike the banks, our advice to SMEs and owner-managed businesses seeking compensation will be clear and transparent. Each claim will be dealt with on an individual basis to ensure the best outcome in each client’s specific circumstances.”

Small businesses can download Linder Myers’ free Swaps Made Simple guide at . The jargon-free guide clearly explains the different types of hedging products, the criteria for making a claim and the steps to take to reach a satisfactory settlement.