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 | 6746.49 per 1,000 loans | 88,855 | 1,973 | N/A | N/A | 30% | 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 6746 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 | 1.01 per 1,000 policies | 41 | 39 | 23% | 72% | 31% | Advising, selling and arranging |
| Decumulation and pensions | |||||||
| Investments | |||||||
| Credit-related | 151.96 per 1,000 agreements | 69,325 | 8,963 | N/A | N/A | 53% | 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 151 complaints.
