Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report: 1 July 2023 to 31 December 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 groupingProvision (at reporting period end date)Number of complaints openedNumber of complaints closedPercentage closed within 3 daysPercentage closed after 3 days but within 8 weeksPercentage UpheldMain Cause of complaints opened
Banking and credit cards
Home finance
Insurance and pure protection4.30 per 1,000 policies32460%57%13.04%Advising, selling and arranging
Decumulation and pensions
Investments
Credit-related492.98 per 1,000 loans11,80612,939N/AN/A5.33%N/A

To help you put the figures into context:

MotoNovo Finance, a division of FirstRand Bank Limited (London Branch) manages over 23,000 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 December 2023, we reported 4.3 complaints.

For every 1,000 finance agreements that were in force at the end of December 2023, we reported 492.98 complaints.

MOTONOVO FINANCE LIMITEDNumber of complaints opened by volume of business
Product / service groupingProvision (at reporting period end date)Number of complaints openedNumber of complaints closedPercentage closed with 3 daysPercentage closed after 3 days but within 8 weeksPercentage UpheldMain Cause of complaints opened
Banking and credit cards
Home finance
Insurance and pure protection0.79 per 1,000 policies in force39436.98%65.12%20.93%Advising, selling and arranging
Decumulation and pensions
Investments
Credit-related26.52 per 1,000 agreements12,13912,891N/AN/A36.83%N/A

To help you put the figures into context:

MotoNovo Finance Ltd manages over 457,000 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 December 2023, we reported 0.79 complaints.

For every 1,000 finance agreements that were in force at the end of December 2023, we reported 26.52 complaints.

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