LONDON (Reuters) - Britain's biggest banks have paid out 1.54 billion pounds ($2.46 billion) to compensate small firms mis-sold complex interest rate hedging products, the financial regulator said on Tuesday.
The Financial Conduct Authority said that 9,858 cases had been settled by Barclays
The products were supposed to protect smaller companies against rising interest rates but, when rates fell, the companies had to pay large bills, typically running to tens of thousands of pounds. Companies also faced penalties to get out of the deals, which many said they had not been told about.
(Reporting by Matt Scuffham; Editing by Laura Noonan)
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