The Financial Conduct Authority (FCA) has taken regulatory action against car finance companies, including MotoNovo Finance, for practices that may have affected consumers in Somerset and across the UK. According to FCA estimates, 12.1 million eligible agreements (FCA, March 2026) potentially impacted by these practices from 6 April 2007 to 1 November 2024, with an estimated £7.5 billion (FCA, March 2026) total value involved, averaging around £829 per agreement (FCA estimate). Somerset residents who entered into car finance agreements during this period might be eligible for redress.
MotoNovo Finance Car Finance Agreements in Somerset
Somerset has a population of approximately 572,000 according to the ONS Census 2021. Based on FCA estimates and the total number of affected agreements, an estimated 54,054 residents in Somerset may have been impacted by these car finance practices (FCA estimate). These agreements could involve a range of vehicle types, from cars and vans to motorcycles and commercial vehicles, all financed through MotoNovo Finance. As part of FirstRand Bank, MotoNovo Finance operates across the UK, including Somerset.
How to Complain to MotoNovo Finance from Somerset
Somerset residents who believe they may have been affected by these car finance practices can [complain directly](https://mlj.org.uk/guides/how-to-complain-to-your-lender) to MotoNovo Finance for free without needing a claims management company. Residents should visit MotoNovo Finance's complaint URL at https://www.motonovo.co.uk/complaints and follow the provided steps to submit their concerns. The process allows individuals to present their case in detail, including any documentation that supports their claim.
What Somerset Residents Should Do Next
To initiate a direct complaint to MotoNovo Finance, Somerset residents should gather all relevant documents related to their car finance agreements. This includes contracts, payment records, and correspondence with the lender. It is crucial for individuals to check the dates of their agreements to ensure they fall within the affected period from 6 April 2007 to 1 November 2024. Once these details are assembled, residents should proceed by submitting a complaint through MotoNovo Finance's official website.
Sources and References
- Financial Conduct Authority (FCA), 2024
- ONS Census 2021
How Many People in Somerset Are Affected?
Based on Somerset's population of approximately 570,000, an estimated 119,104 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 0.85% 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).