Since 6 April 2007, MotoNovo Finance has been providing car finance to residents in the East Midlands and across the UK. The Financial Conduct Authority (FCA) estimates that 12.1 million eligible agreements (FCA, March 2026) have been affected by a flawed commission arrangement known as a Discretionary Commission Arrangement (DCA), impacting an estimated 461,160 individuals in the East Midlands alone (ONS/FCA estimate). This issue affects both MotoNovo Finance and many other lenders operating within the region.
MotoNovo Finance Car Finance Agreements in East Midlands
According to FCA estimates, approximately 461,160 residents in the East Midlands may have been affected by car finance agreements with MotoNovo Finance or similar lenders between 6 April 2007 and 1 November 2024. The total value of these flawed agreements is estimated at £7.5 billion (FCA, March 2026), with an average repayment amount of £829 per agreement (FCA estimate). These figures highlight the widespread impact on individuals who financed a variety of vehicles, including cars, vans, and motorcycles.
The East Midlands has a population of approximately 4,880,000 people (ONS Census 2021), making it one of the most populous regions in the UK. Given MotoNovo Finance's presence and its part ownership by FirstRand Bank, many residents have likely taken out car finance through this lender.
How to Complain to MotoNovo Finance from East Midlands
Residents in the East Midlands who suspect they may be affected can complain directly to MotoNovo Finance for free without needing a claims management company. To initiate a complaint, visit their dedicated complaints page at https://www.motonovo.co.uk/complaints and follow the instructions provided. The process is straightforward and designed to provide redress without additional costs or third-party involvement.
You do not need a claims management company; you can complain directly to MotoNovo Finance for free. This direct approach ensures that your concerns are addressed efficiently and transparently, aligning with regulatory guidelines set by the FCA.
What East Midlands Residents Should Do Next
If you believe your car finance agreement might be affected, there are several steps you should take:
- Gather Documents: Collect any relevant documentation related to your car finance agreement, such as contracts, payment receipts, and correspondence.
- Check Dates: Verify that the start date of your agreement falls within the period from 6 April 2007 to 1 November 2024. If it does, the FCA-estimated scheme average is £829 per eligible agreement.
- Complain Directly: Use MotoNovo Finance's complaint process as outlined on their website to submit a formal request.
By following these steps, East Midlands residents can ensure they are taking the necessary actions to seek redress directly from MotoNovo Finance without incurring additional fees or relying on third-party services.
Sources and References
- Financial Conduct Authority (FCA) estimate: 12.1 million eligible agreements (FCA, March 2026)
- Financial Conduct Authority (FCA) estimate: £7.5 billion (FCA, March 2026) total value of affected agreements
- Financial Conduct Authority (FCA) estimate: £829 average per eligible agreement repayment amount per agreement
- Office for National Statistics (ONS) Census 2021: Population of East Midlands
How Many People in East Midlands Are Affected?
Based on East Midlands's population of approximately 4,900,000, an estimated 1,023,880 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 7.31% of the UK total of 12.1 million eligible agreements.
MotoNovo Finance is registered at Companies House (company number 11556144) with a status of active. The company was incorporated on 2018-09-06. Its registered office is at Two, Central Square, Cardiff, CF10 1FS, Wales. The company currently has 9 directors.
MotoNovo Finance Complaint Statistics
According to the Financial Ombudsman Service, MotoNovo Finance received 4 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
MotoNovo Finance's FCA reference number is 827851 (status: Authorised).