The Financial Conduct Authority is winding down its review scheme for the mis-selling of complex loans and says £1.8billion has so far been paid out to small businesses, including £365million for their consequential losses.

But only £8m has so far been paid out on bespoke claims for consequential loss, from businesses dissatisfied with the 8 per cent a year interest paid out on accepted losses.

The FCA, which announced its interest rate hedging product (IRHP) review in July 2012 in response to intense pressure from campaign groups, has said the cases of all 17,000 'customers' who were sold "swaps, structured collars or simple collars" had now been determined. Of those, 14,000 had been made a cash redress offer and 3000 had been told there was no mis-sale or no loss.

Around 11,000 customers had accepted an offer and £1.8 billion was being paid out, which meant that so far 80per cent of offers had been accepted. For banks which had moved more quickly, the acceptance rates were around 90per cent, the FCA said.

The regulator said: "A further 7,000 customers who purchased cap products were contacted by the banks and advised that these sales would only be included in the review if they proactively complained. So far only 1,000 of them have done so.

"We have asked the banks to write again to all of the relevant customers to remind them of their right to complain. Any of these customers who wish to do so should contact their banks as soon as possible before 31 March."

Daniel Hall at claims firm All Square said: "Obviously it's good to hear that small business customers who purchased cap products will, if they can get their claim in on time, have their cases heard. But the goalposts have moved yet again and the parameters of the scheme have shifted with a new deadline. For customers who had difficulty understanding the complex products they were mis-sold in the first place, time is now against them if they wish to bring a claim against their bank."

Mr Hall added that many businesses in the review had been offered replacement caps, rather than having their agreement torn up and their compensation being paid. "Surely the replacement of swaps with caps should now be questioned. Businesses deserve a full repayment of their losses, both financial and consequential."

There have been 3620 claims for consequential losses beyond the 8 per cent payment, with only 2294 yet determined. Of those just under half or 1109 claims had been rejected, the regulator said.

Of the 1185 claims that triggered a payment, 953 were under £10,000, 221 under £100,000, and in 11 cases payments of "between £100,000 and £1m" had been made by a bank.

The FCA said so far the average consequential loss payment overall (including the 8 per cent on all claims) had added £32,000 to each claim.

For the bespoke claims the average payout so far appears to be £6750.

Customers would still have the right to complain about the sale of their IRHPs to their bank after the scheme closed, the FCA said. "They may also be able to refer their complaint to the Financial Ombudsman Service, or, subject to time limits, be able to pursue their complaint through the courts."

Some banks have paid out primary loss redress to SMEs independently of claims for consequential loss. Other banks, including the Clydesdale, have insisted on a single final settlement of all liabilities.