Firm Name: FirstRand Bank Limited
Group: FirstRand Group
Other firms included in this report: None
Period covered in this report: 1st July 2017 to 31st December 2017
Brands/trading names covered: MotoNovo Finance

Product CategoryProvisionIntermediationNumber of complaints openedNumber of complaints closedComplaints closed within 8 weeksClosed complaints upheld by firmPercentage upheldMain cause of complaints opened
Home financeN/AN/AN/AN/AN/AN/AN/AN/A
General insurance and pure protection4.46 per 1,000 policies in forceN/A1,0611,05271%29%13%Unsuitable advice
Decumulation, life and pensionsN/AN/AN/AN/AN/AN/AN/AN/A
Credit-related8.61 per 1,000 loansN/A4,0453,938//////60%Other

To help you put the figures into context:

MotoNovo Finance manages over 470,000 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.

We put figures into context by using the “per 1,000” metrics so that comparisons can be made between firms of different sizes.

* The “Provision” metric is used when a firm is the product provider, using the total volume of accounts held as at the end of the reporting period.

** The “Intermediation” metric is used when a firm is responsible for selling the product.  MotoNovo Finance is responsible for selling the insurance products, and have used the provision volume metric to provide a meaningful context.