Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report: 1 July 2022 to 31 December 2022
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 | 0.88 per 1,000 policies in force | 20 | 18 | 33% | 67% | 39% | Unsuitable Advice |
Decumulation and pensions | |||||||
Investments | |||||||
Credit-related | 43.36 per 1,000 loans | 2,720 | 3,105 | 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 62,000 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 2022, we reported 0.88 complaints.
For every 1,000 finance agreements that were in force at the end of December 2022, we reported 43.36 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 | 0.83 per 1,000 policies in force | 54 | 48 | 23% | 77% | 19% | Unsuitable Advice |
Decumulation and pensions | |||||||
Investments | |||||||
Credit-related | 17.18 per 1,000 loans | 7,847 | 7,701 | N/A | N/A | 57% | N/A |
To help you put the figures into context:
MotoNovo Finance Ltd manages over 450,000 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 2022, we reported 0.83 complaints.
For every 1,000 finance agreements that were in force at the end of December 2022, we reported 17.18 complaints.