Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report: 1 July 2024 to 31 December 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 | 0 complaints per 1,000 accounts | 42 | 52 | 1.92% | 57.69% | 1.92% | Information product (disputes over sums/charges) |
| Decumulation and pensions | |||||||
| Investments | |||||||
| Credit-related | 24,111.94 complaints per 1,000 accounts | 136,136 | 2,106 | N/A | N/A | 10.11% | N/A |
To help you put the figures into context:
MotoNovo Finance, a division of FirstRand Bank Limited (London Branch) manages over 5,600 existing Hire Purchase Agreements in relation to motor vehicles arranged through a large network of motor dealers and advises on and arranges non-investment insurance products for our customers.
For Insurance and Home Pure Protection complaints this is a closed book with zero live policies.
For every 1,000 finance agreements that were in force at the end of December 24, we reported 24,112 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 | 1.46 complaints per 1,000 accounts | 24 | 27 | 0% | 77.78% | 18.52% | Information product (disputes over sums/charges) |
| Decumulation and pensions | |||||||
| Investments | |||||||
| Credit-related | 176.06 complaints per 1,000 accounts | 77,076 | 5,613 | N/A | N/A | 49.80% | N/A |
To help you put the figures into context:
MotoNovo Finance Ltd manages over 430,000 existing Hire Purchase Agreements in relation to motor vehicles arranged through a large network of motor dealers and 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 2024, we reported 1 complaint.
For every 1,000 finance agreements that were in force at the end of December 2024, we reported 176 complaints.
