The Financial Conduct Authority (FCA) has recently released new figures indicating that 12.1 million eligible agreements were affected by issues related to discretionary commission arrangements (DCAs), affecting residents in Scotland as well. As of the period from 6 April 2007 to 1 November 2024, an estimated £7.5 billion (FCA, March 2026) has been tied up in these problematic agreements, with a median claim value of £829 (FCA estimate). MotoNovo Finance, which is part of FirstRand Bank, has a significant presence in Scotland and may have affected thousands of Scots.
MotoNovo Finance Car Finance Agreements in Scotland
According to the FCA’s estimates, as many as 513,759 residents in Scotland may be directly impacted by issues related to car finance agreements with companies like MotoNovo Finance (FCA estimate). This number represents a substantial portion of the Scottish population, which stands at approximately 5.4 million people based on recent ONS Census data from 2021. Given that Scotland is one of the most car-dependent regions in the UK, many residents have turned to car finance agreements to purchase vehicles ranging from family cars to commercial vans and motorcycles.
MotoNovo Finance’s presence in Scotland suggests a significant number of its customers may be affected by these issues. The FCA has identified various types of vehicles involved, including personal cars, commercial vehicles, and motorcycles. With the average claim value being around £829 (FCA estimate), this could represent substantial financial relief for many Scots who are currently struggling with their car finance agreements.
How to Complain to MotoNovo Finance from Scotland
Residents in Scotland can directly complain to MotoNovo Finance without needing to use a [claims management company](https://mlj.org.uk/guides/complaints-about-claims-management-companies). The process is free and straightforward, allowing individuals to address any concerns they may have about their car finance agreement. To initiate the complaint process, residents should visit MotoNovo Finance’s dedicated complaints page at https://www.motonovo.co.uk/complaints.
This direct approach ensures that Scots can seek resolution without incurring additional costs or delays associated with claims management companies. It is important for individuals to gather all relevant documentation and ensure their complaints are submitted within the appropriate timeframe, as set out by MotoNovo Finance’s complaint procedures.
What Scotland Residents Should Do Next
After identifying a potential issue with a car finance agreement from MotoNovo Finance, it is crucial for residents in Scotland to take immediate action. The first step should be to gather all relevant documentation related to their loan or lease agreement. This includes any correspondence between the borrower and the lender, as well as any evidence of payment issues or disputes.
Residents should also check the dates of their car finance agreements to determine if they fall within the affected period from 6 April 2007 to 1 November 2024. If an agreement is indeed impacted by DCAs, individuals can then submit a formal complaint directly to MotoNovo Finance via their online complaints page.
It is essential for Scots to understand that complaining directly to the lender is not only free but also often more efficient than involving third-party companies. By following these steps and maintaining clear communication with MotoNovo Finance, residents in Scotland can work towards resolving any issues related to their car finance agreements effectively.
Sources and references
- Financial Conduct Authority (FCA) figures: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total, £829 average per eligible agreement claim value (FCA estimate)
- Office for National Statistics (ONS) Census 2021
- MotoNovo Finance complaint URL: https://www.motonovo.co.uk/complaints
How Many People in Scotland Are Affected?
Based on Scotland's population of approximately 5,450,000, an estimated 1,138,805 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 8.13% 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).