MotoNovo Finance, part of FirstRand Bank, has been in the spotlight regarding car finance agreements in Merseyside, an area with approximately 1.43 million residents according to the ONS Census 2021. The Financial Conduct Authority (FCA) estimates that 12.1 million eligible agreements across the UK, totalling £7.5 billion (FCA, March 2026) and averaging £829 per agreement, may be affected by certain discretionary commission arrangements (DCAs). This issue spans from 6 April 2007 to 1 November 2024, potentially impacting a significant number of residents in Merseyside.
MotoNovo Finance Car Finance Agreements in Merseyside
The impact of these car finance agreements on the local population is substantial. Based on FCA estimates and considering the demographic data from Merseyside, it's estimated that around 135,230 residents may be affected by issues related to DCAs. These agreements cover a wide range of vehicles, including cars, vans, and motorcycles, reflecting the diverse needs of individuals and businesses in the region.
How to Complain to MotoNovo Finance from Merseyside
Residents who believe they are affected can directly complain to MotoNovo Finance for free by visiting their dedicated complaints page at https://www.motonovo.co.uk/complaints. This process is straightforward, and it's important to note that you do not need a claims management company to handle your complaint. By reaching out directly, Merseyside residents can address any concerns they have about the terms of their car finance agreements without incurring additional fees.
What Merseyside Residents Should Do Next
If you suspect that your car finance agreement with MotoNovo Finance may be affected by a DCA, there are several steps you should take. First, gather all relevant documentation, including contracts, payment receipts, and correspondence with the lender. Check the dates of your agreement to ensure it falls within the specified period (6 April 2007 to 1 November 2024). Once you have this information, submit a direct complaint to MotoNovo Finance through their official complaints page.
Sources and References
- Financial Conduct Authority (FCA) estimates on affected agreements: 12.1 million eligible agreements (£7.5 billion (FCA, March 2026) total, £829 average per eligible agreement per agreement)
- ONS Census 2021 for population of Merseyside
- MotoNovo Finance complaint URL: https://www.motonovo.co.uk/complaints
How Many People in Merseyside Are Affected?
Based on Merseyside's population of approximately 1,410,000, an estimated 294,626 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 2.1% 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).