West Yorkshire residents who have used MotoNovo Finance for car finance may be affected by the issues that led to regulatory action from the Financial Conduct Authority (FCA). With an estimated 221,792 individuals potentially impacted within West Yorkshire alone (ONS/FCA estimate), it is crucial for local consumers to understand their rights and options.
MotoNovo Finance Car Finance Agreements in West Yorkshire
The FCA has identified that 12.1 million eligible agreements across the UK may have been affected by a discretionary commission arrangement (DCA) from April 6, 2007, to November 1, 2024 (FCA estimate). Given West Yorkshire's population of approximately 2.347 million people (ONS Census 2021), it is likely that many residents have been involved in car finance agreements with MotoNovo Finance during this period.
MotoNovo Finance, part of the FirstRand Bank group, facilitated various types of vehicle financing for West Yorkshire residents. These could include personal contract purchase (PCP) and hire purchase (HP) plans, which are popular among consumers looking to acquire vehicles through monthly payments. The total amount potentially impacted by this issue is estimated at £7.5 billion (FCA, March 2026) across the UK (FCA estimate) (FCA, March 2026).
How to Complain to MotoNovo Finance from West Yorkshire
Residents in West Yorkshire who believe they have been affected by the DCA can file a complaint directly with MotoNovo Finance. The process is straightforward and free, as you do not need to use a claims management company. To start your complaint, visit the MotoNovo Finance complaints page at https://www.motonovo.co.uk/complaints.
By lodging a direct complaint, West Yorkshire residents can seek compensation without incurring additional fees or charges. This approach is encouraged by both the FCA and the Financial Ombudsman Service (FOS) as it streamlines the process and ensures that consumers receive fair treatment from their lender.
What West Yorkshire Residents Should Do Next
To proceed effectively with a complaint, residents should gather all relevant documentation related to their car finance agreements. This includes loan agreements, payment records, and any correspondence with MotoNovo Finance. It is also important to check the dates of your agreement to ensure it falls within the specified period from April 6, 2007, to November 1, 2024.
Once you have gathered all necessary documents, residents should consider filing a complaint directly through MotoNovo Finance's official channels. This step is crucial as it allows consumers to address any potential issues promptly and efficiently without the need for external assistance.
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 impact
- Financial Conduct Authority (FCA) estimate: £829 average per eligible agreement cost per individual impacted
- ONS Census 2021: West Yorkshire population of approximately 2,347,000
How Many People in West Yorkshire Are Affected?
Based on West Yorkshire's population of approximately 2,300,000, an estimated 480,597 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 3.43% 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).