Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report:  1st July 2020 to 31st December 2020 
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   1.70 per 1,000 policies in force
1431743%95%69%Unsuitable Advice
Decumulation and pensions






Investments






Credit-related   17.04 per 1,000 loans
4,302  4,022N/AN/A57%N/A


To help you put the figures into context:

MotoNovo Finance, a division of FirstRand Bank Limited (London Branch) manages over 240,000 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 2020, we reported 1.70 complaints.

For every 1,000 finance agreements that were in force at the end of December 2020, we reported 17.04 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 protection1.82 per 1,000 policies in force
861092%80%35%Unsuitable Advice
Decumulation and pensions
Investments
Credit-related16.32 per 1,000 loans4,4434,122N/AN/A58%N/A


To help you put the figures into context:

MotoNovo Finance Ltd manages over 270,000 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 2020, we reported 1.82 complaints.

For every 1,000 finance agreements that were in force at the end of December 2020, we reported 16.32 complaints.