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LONDON, Jan 29 (Reuters) - Britain's banks have paid outless than half of the 4.4 billion pounds ($6.7 billion) setaside to cover the mis-selling of complex interest rate hedgingproducts, according to data from the financial regulator.
The Financial Conduct Authority (FCA) ordered banks toreview 29,500 cases for possible mis-selling in 2013 afterfinding "serious failings" in how interest rate swaps were soldto small businesses.
The FCA said on Thursday that banks had so far paid out 1.8billion pounds in compensation. The sums set aside also coverthe cost of having to terminate the agreements early and havingto employ more than 3,000 people to review the cases.
($1 = 0.6606 pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)
