MotoNovo

legal updates

We published an article on our website headlined, “Have you agreed to do MotoNovo’s Dirty Work?"

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In December 2017, we published an article on our website headlined, “Have you agreed to do MotoNovo’s Dirty Work?”.  The article referred to a Clause in a contract issued by MotoNovo Finance to an unnamed dealer client, who believed that the Clause was in current usage and enforceable.

Following publication of that article we have been advised by MotoNovo Finance that no contracts issued by them to dealers after December 2014, including, they advise, updated contracts issued to those dealers working with MotoNovo before December 2014, have included the Clause or any of a similar nature.  MotoNovo Finance also state that it would not seek to enforce such a Clause against any dealer which believes it might be subject to such a Clause.

We are pleased to accept that MotoNovo Finance have not included the clause in any dealer contract since December 2014.

We are happy to accept that the subject of the article and headline related only to contracts issued before December 2014.

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As anticipated, the FCA was not particularly helpful when questioned about the various issues of investigating complaints that were outside of the standard retention periods for documentation.

FCA Commission Review: Separating fact from fiction in the wake of scaremongering

Attend a complimentary seminar hosted by the FCA for first-hand information – Scheduled for Wednesday, 24 January 2024.

The FOS reports over 10,000 motor finance complaints: Are we really surprised?

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The FCA means business

The FCA are closely monitoring how firms are putting their new rules in place and will take action against those that aren’t following them.

Financial promotion on social media

The FCA’s supervisory approach to financial promotions in social media was issued in 2015.

Another victory, but the problem has still not gone away!

The FOS confirmed in the article they had not yet published any final decisions on commission-related complaints.

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