Four firms unhappy about the FCA's plans to compensate people mis-sold a car loan have launched a legal challenge.

The City watchdog has partially suspended its under-fire motor finance redress scheme amid four major legal challenges.

The Financial Conduct Authority (FCA) had previously estimated that around 12.1 million unfair motor finance deals would be due an average of £829 each

Lenders will no longer need to calculate or pay compensation to people owed money until a legal process concludes.

The Financial Conduct Authority (FCA) is facing legal challenges from four companies

Four firms unhappy about the FCA's plans to compensate people mis-sold a car loan have launched a legal challenge.