LONDON, Nov 7 (Reuters) - Britain's financial watchdog TheFinancial Conduct Authority said UK banks have so far paid out15.3 million pounds ($24.6 million) compensating smallbusinesses mis-sold complex interest rate hedging products.
The products were designed to protect smaller companiesagainst rising interest rates but when rates fell, they had topay large bills, typically running to tens of thousands ofpounds.
Companies also faced penalties to get out of the deals, whichmany said they had not been told about.
The FCA said last month that, by the end of September,offers of redress totalling 2 million pounds had been acceptedby businesses.