Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited

Period covered in this report:1st January 2019 to 30th June 2019

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 cardsN/AN/AN/AN/AN/AN/AN/A
Home financeN/AN/AN/AN/AN/AN/AN/A
Insurance and pure protection6.83 per 1,000 policies in force1,1101,1017%92%51%Unsuitable Advice
Decumulation and pensionsN/AN/AN/AN/AN/AN/AN/A
InvestmentsN/AN/AN/AN/AN/AN/AN/A
Credit-related14.02 per 1,000 loans6,3396,476N/AN/A54%N/A

To help you put the figures into context:

MotoNovo Finance 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 2019, we reported 6.83 complaints.

For every 1,000 finance agreements that were in force at the end of June 2019, we reported 14 complaints.


MOTONOVO FINANCE LIMITED (A DIVISION OF ALDERMORE BANK PLC)Number of complaints opened by volume of business
Product  / service groupingProvision (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 cardsN/AN/AN/AN/AN/AN/AN/A
Home financeN/AN/AN/AN/AN/AN/AN/A
Insurance and pure protection0.54 per 1,000 policies in force220%100%50%Unsuitable Advice
Decumulation and pensionsN/AN/AN/AN/AN/AN/AN/A
InvestmentsN/AN/AN/AN/AN/AN/AN/A
Credit-related4.60 per 1,000 loans21674N/AN/A64%N/A

To help you put the figures into context:

MotoNovo Finance 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 2019, we reported 0.54 complaints.

For every 1,000 finance agreements that were in force at the end of June 2019, we reported 4 complaints.