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MotoNovo Finance PCP Compensation Claims

Were you charged excessive interest on a MotoNovo Finance PCP agreement? You could be entitled to substantial compensation.

FirstRand Bank, the parent company of MotoNovo Finance, has set aside approximately £130 million to cover potential compensation claims linked to car finance mis-selling. The October 2024 Court of Appeal ruling in Johnson v FirstRand Bank Ltd confirmed that failing to disclose broker commission breached fiduciary duty, making many MotoNovo Finance PCP agreements unfair and mis-sold. If you took out a MotoNovo Finance PCP agreement, you may be eligible for full compensation of overpaid interest and fees.

The MotoNovo Finance Ruling and What It Means

In October 2024, the UK Court of Appeal delivered a landmark ruling in Johnson v FirstRand Bank Ltd (trading as MotoNovo Finance). The court found that MotoNovo Finance and its brokers failed to disclose broker commission to customers, which amounted to a breach of fiduciary duty. This is a critical finding that opens the door to compensation for potentially thousands of affected customers.

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WHAT THIS
MEANS FOR
YOU?

What This Ruling Means for You:

MotoNovo Finance brokers increased your interest rate without disclosing the commission they were earning
The court confirmed this practice breaches customers' fiduciary rights, making it unlawful
FirstRand Bank has already set aside £130 million to compensate affected customers
Even if your agreement has ended, you can still make a claim
Industry estimates suggest compensation claims could reach £13 billion across all lenders

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Learn About our Claims Process

WHAT WE COVER

We specialise in reclaiming funds from MotoNovo Finance PCP agreements that involve undisclosed commission, excessive interest rates, or other unfair lending practices:

Undisclosed Broker Commission

MotoNovo Finance brokers earned commission by increasing your interest rate without telling you. You signed a contract thinking you were getting a specific interest rate, but the broker secretly adjusted it upward to boost their earnings. The October 2024 court ruling confirms this practice breached your fiduciary rights and made your agreement unfair. You are entitled to a full refund of the commission and interest you paid.

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EXCESSIVE INTEREST RATES

Many customers were charged significantly higher interest rates than necessary because brokers manipulated rates to earn higher commissions. Unlike transparent lending where rates are set by clear criteria (credit score, loan amount, term), MotoNovo Finance allowed brokers to exercise discretion without proper disclosure. If your rate was higher than expected or you were not given clear information about how the rate was calculated, you qualify for compensation.

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Unfair Lending Practices

A MotoNovo Finance PCP agreement may be considered mis-sold if key information was missing, misleading, or unclear at the time you signed. This includes situations where you were not informed about the broker's financial interest in increasing your rate, where the total cost of finance was obscured, or where you were pressured into a deal without proper time to review. Our claims team will assess your specific circumstances and determine eligibility.

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SUBMIT YOUR DETAILS

Start by completing our quick and easy contact form. We’ll ask for some basic information, including:

Your name
Contact details
A brief description of your car finance agreement

This step only takes a few minutes, and it’s the first step toward reclaiming your money.

Learn About our Claims Process

WE’ll BE IN TOUCH

Once we receive your form, our team will review your details and get in touch with you as soon as possible. During this conversation, we’ll:

Confirm your information
Answer any initial questions you may have
Discuss how we’ll proceed with your claim

LEAVE THE REST TO US

After the initial consultation, we take care of everything for you. Here’s what we do:

Document Review: We’ll analyse your car finance agreement and supporting documents to identify hidden charges, excessive interest, or mis-sold terms.

Case Preparation: Our team compiles all necessary evidence to build a strong case.

Negotiation and Reclaim: We handle all communications with lenders or financial institutions to recover your money.

REGULAR UPDATES

We believe in keeping you informed. Throughout the process, we’ll provide regular updates on the progress of your claim, so you’re never left in the dark.

GET PAID

Once your claim is successful, you’ll receive your reclaimed funds directly. It’s that simple!

CLAIMS PROCESS

HOW MUCH
COMPENSATION CAN
YOU CLAIM?

Compensation for MotoNovo Finance PCP claims typically includes:

Full refund of broker commission embedded in your interest rate
Refund of all overpaid interest resulting from the inflated rate
Statutory interest on the refunded amounts (typically 8% per annum from the date of breach)
Additional compensation for the breach of fiduciary duty and any distress caused

Example:

A customer took out a £20,000 MotoNovo Finance PCP agreement at an agreed rate of 4.5%. The broker secretly increased it to 7.2% to earn £1,800 in commission without disclosure. Over the 4-year term, the customer paid approximately £2,100 extra in interest. Compensation would include: £1,800 commission + £2,100 overpaid interest + 8% statutory interest = approximately £4,200 total compensation.

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WHY YOU SHOULD
TRUST PCP MISSOLD?

Our team of dedicated claims managers has extensive experience handling MotoNovo Finance and FirstRand Bank car finance mis-selling cases. We understand the October 2024 Court of Appeal ruling, the legal framework, and exactly what FirstRand Bank must pay. Our approach is grounded in this landmark court decision, which confirms the fiduciary breach and validates our claims strategy.

FCA Regulated: We're authorised and regulated by the Financial Conduct Authority (FRN 1037114) to carry out claims management activities
Court-Backed Expertise: Our claims strategy is based on the October 2024 Johnson v FirstRand Bank Ltd ruling, a landmark court decision
Financial Ombudsman Access: If a claim is unsuccessful at FirstRand, you can escalate to the Financial Ombudsman Service for free
Transparent Complaints Procedure: Full details of how we handle complaints are available on request

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LATEST NEWS

Stay informed with the latest updates for affected lenders. Register your details today to receive important news, insights, and developments straight to you. Stay ahead and make informed decisions with timely updates tailored to your needs.

LENDERS WE COVER

Start Your Claim

FAQs

What is a MotoNovo Finance PCP claim?

A MotoNovo Finance PCP claim is a request for compensation where a Personal Contract Purchase agreement involved undisclosed broker commission, excessive interest rates, or other unfair lending practices. The October 2024 Court of Appeal ruling (Johnson v FirstRand Bank Ltd) confirmed that failing to disclose broker commission breaches fiduciary duty, making these agreements unfair and eligible for compensation.

What did the Johnson v FirstRand Bank ruling mean?

The October 2024 Court of Appeal ruled that MotoNovo Finance brokers breached customers' fiduciary rights by failing to disclose commission. This means the practice of increasing interest rates without disclosure is now confirmed as unlawful. This ruling validates claims being pursued by thousands of affected customers and forms the foundation of compensation claims.

Can I make a MotoNovo Finance claim if my agreement has ended?

Yes. You may still be eligible to make a MotoNovo Finance PCP claim even if your agreement has finished, provided it falls within the relevant timeframe and meets mis-selling criteria. The ruling applies to agreements dating back several years. Time limits may apply depending on when you became aware of the issue, so it is recommended to register your interest as soon as possible to protect your position.

What is undisclosed commission in a MotoNovo Finance agreement?

Undisclosed commission occurs when a broker earns money by increasing your interest rate without clearly telling you. You may have agreed to a 4.5% rate, but the broker secretly increased it to 7.2% to earn commission from the difference. You were not informed of this practice or how it affected your total finance cost. The courts have ruled this breaches your fiduciary rights and makes you eligible for compensation.

How much compensation could I receive from a MotoNovo Finance claim?

Compensation varies but typically includes a refund of broker commission, a refund of all overpaid interest due to the inflated rate, statutory interest on refunded amounts (usually 8% per annum), and potentially additional compensation for breach of fiduciary duty. FirstRand Bank has set aside £130 million to cover claims. Each claim is assessed individually based on your agreement terms, the commission involved, and the duration of overpayment.

Should I wait for the Supreme Court decision before making a claim?

You do not need to wait to register your interest or submit a claim. While further legal proceedings may occur, the October 2024 Court of Appeal ruling is already binding. FirstRand Bank has already set aside £130 million in recognition of liability. Registering now helps protect your position and demonstrates your awareness of the issue, which is important for time-limit considerations. Do not delay.

How do I check if my MotoNovo Finance PCP was mis-sold?

You should review your agreement documentation and ask yourself: Was broker commission disclosed? Did the broker have discretion over the interest rate? Were you informed about how your finance costs were calculated? If you cannot find clear answers to these questions in your paperwork, you likely have a valid claim. Our free claim review will assess your specific circumstances and confirm your eligibility based on the court ruling.