BMW Financial Services has allocated £206.9m, up from £70.3m, to address potential payouts for car loan mis-selling between 2007 and 2020, as the Financial Conduct Authority (FCA) investigates.
The FCA’s proposed redress scheme targets undisclosed commissions to dealers, which may have led to unfair interest rates.
Compensation is expected next year, covering claims, administration, and legal costs.
Some complaints are under Financial Ombudsman review.
A 5% payout increase would require an additional £31m.
BMW was contacted for comment.
The Supreme Court’s recent ruling partially favored the industry, but millions of drivers may be eligible.
Leicestershire Live provides updates.
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