Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report: 1st January 2021 to 30th June 2021
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 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 protection   
1.44 per 1,000 policies in force
91942%93%52%Unsuitable Advice
Decumulation and
pensions







Investments






Credit-related   20.48 per 1,000 loans
3,884 3,843N/AN/A54%N/A


To help you put the figures into context:

MotoNovo Finance, a division of FirstRand Bank Limited (London Branch) manages over 185,000 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 2021, we reported 1.44 complaints.

For every 1,000 finance agreements that were in force at the end of June 2021, we reported 20.48 complaints. 


MOTONOVO FINANCE 
LIMITED

Number 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 protection1.44 per 1,000 policies in force
91780%72%64%Unsuitable Advice
Decumulation and pensions
Investments
Credit-related20.48 per 1,000 loans3,8843,615N/AN/A57%N/A


To help you put the figures into context:

MotoNovo Finance Ltd manages over 330,000 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 2021, we reported 1.24 complaints.

For every 1,000 finance agreements that were in force at the end of June 2021, we reported 14.31 complaints.