Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report: 1 January 2023 to 30 June 2023
Brands/trading names covered: MotoNovo Finance
Below are Firm’s complaints data as related to the trading name for MotoNovo Finance.
The first summary table below is in relation to complaints data for MotoNovo Finance, a division of FirstRand Bank Limited (London Branch).
The second summary table below is in relation to complaints data for MotoNovo Finance Limited.
| MOTONOVO FINANCE A DIVISION OF FIRSTRAND BANK LIMITED (LONDON BRANCH) | Number of complaints opened by volume of business | ||||||
| Product / service grouping | Provision (at reporting period end date) | Number of complaints opened | Number of complaints closed | Percentage closed within 3 days | Percentage closed after 3 days but within 8 weeks | Percentage Upheld | Main Cause of complaints opened |
| Banking and credit cards | |||||||
| Home finance | |||||||
| Insurance and pure protection | 2.97 per 1,000 policies in force | 33 | 32 | 0% | 94% | 34% | Advising, selling and arranging |
| Decumulation and pensions | |||||||
| Investments | |||||||
| Credit-related | 168.17 per 1,000 loans | 6,685 | 2,846 | N/A | N/A | 35% | N/A |
To help you put the figures into context:
MotoNovo Finance, a division of FirstRand Bank Limited (London Branch) manages over 41,000 existing Hire Purchase Agreements in relation to motor vehicles arranged through a large network of motor dealers and also advises on and arranges non-investment insurance products for our customers.
For every 1,000 insurance policies that were in force at the end of June 2023, we reported 2.97 complaints.
For every 1,000 finance agreements that were in force at the end of June 2023, we reported 168.17 complaints.
| MOTONOVO FINANCE LIMITED | Number of complaints opened by volume of business | ||||||
| Product / service grouping | Provision (at reporting period end date) | Number of complaints opened | Number of complaints closed | Percentage closed with 3 days | Percentage closed after 3 days but within 8 weeks | Percentage Upheld | Main Cause of complaints opened |
| Banking and credit cards | |||||||
| Home finance | |||||||
| Insurance and pure protection | 0.63 per 1,000 policies in force | 36 | 35 | 3% | 91% | 29% | Advising, selling and arrange |
| Decumulation and pensions | |||||||
| Investments | |||||||
| Credit-related | 22.74 per 1,000 loans | 10,679 | 8,700 | N/A | N/A | 56% | N/A |
To help you put the figures into context:
MotoNovo Finance Ltd manages over 509,000 existing Hire Purchase Agreements in relation to motor vehicles arranged through a large network of motor dealers and also advises on and arranges non-investment insurance products for our customers.
For every 1,000 insurance policies that were in force at the end of June 2023, we reported 0.63 complaints.
For every 1,000 finance agreements that were in force at the end of June 2023, we reported 22.74 complaints.