Firm Name: FirstRand Bank Limited & MotoNovo Finance Limited
Period covered in this report: 1st July 2021 to 31st December 2021
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   0.92 per 1,000 policies in force39340%97%59%Unsuitable Advice
Decumulation and pensions






Investments






Credit-related   18.39 per 1,000 loans
2,531 2,273N/AN/A50%N/A


To help you put the figures into context:

MotoNovo Finance, a division of FirstRand Bank Limited (London Branch) manages over 136,000 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 2021, we reported 0.92 complaints.

For every 1,000 finance agreements that were in force at the end of December 2021, we reported 18.39 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 protection0.74 per 1,000 policies in force45502%98%42%Unsuitable Advice
Decumulation and pensions
Investments
Credit-related11.46 per 1,000 loans4,3334,630N/AN/A56%N/A


To help you put the figures into context:

MotoNovo Finance Ltd manages over 378,000 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 2021, we reported 0.74 complaints.

For every 1,000 finance agreements that were in force at the end of December 2021, we reported 11.46 complaints.