Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report: 1 January 2024 to 30 June 2024
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 | 1823.52 per 1,000 policies | 31 | 22 | 32% | 64% | 23% | Information product (disputes over sums/charges) |
Decumulation and pensions | |||||||
Investments | |||||||
Credit-related | 78.25 per 1,000 loans | 1,031 | 1,048 | N/A | N/A | 55.06% | N/A |
To help you put the figures into context:
MotoNovo Finance, a division of FirstRand Bank Limited (London Branch) manages over 13,000 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 2024, we reported 1824 complaints. This is a closed book with minimal live policies.
For every 1,000 finance agreements that were in force at the end of June 2024, we reported 78 complaints.
Please also note that complaints relating to the FCA’s review of motor finance commission arrangements have been excluded from the above figures, given the current pause to complaint handling rules (expected to extend to December 2025).
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 | 1.01 per 1,000 policies in force | 41 | 39 | 23% | 72% | 31% | Advising, selling and arranging |
Decumulation and pensions | |||||||
Investments | |||||||
Credit-related | 17.58 per 1,000 agreements | 8,020 | 8,795 | N/A | N/A | 54.95% | 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 June 2024, we reported 1 complaint.
For every 1,000 finance agreements that were in force at the end of June 2024, we reported 18 complaints.
Please also note that complaints relating to the FCA’s review of motor finance commission arrangements have been excluded from the above figures, given the current pause to complaint handling rules (expected to extend to December 2025).