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Voluntary announcement: Update relating to recent judgement from UK Court of Appeal on motor commission cases
FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR
ISIN: ZAE000066304
NSX ordinary share code: FST
LEI: 529900XYOP8CUZU7R671
(FirstRand or the group)
Voluntary announcement: Update relating to recent judgement from UK Court of Appeal on motor
commission cases
In its SENS announcement of 25th October 2024 FirstRand undertook to update shareholders on any
developments arising from the UK Court of Appeal's recent judgement relating to motor finance
agreements.
Subsequently the group informed shareholders that in line with major industry players in the UK market,
from Monday 28th October 2024 MotoNovo paused all new business origination until its processes and
documentation complied with the new legal requirements set out in the Court of Appeal judgment, which
go much further than the regulatory or legal requirements as they were understood by the industry prior
to the judgment being issued.
MotoNovo has now made the necessary operational adjustments to ensure the business can today resume
new business origination, in compliance with these new legal requirements.
MotoNovo has adapted its systems to facilitate the disclosure of the amount of commission relating to
each finance agreement and obtain informed consent from all customers to any commission paid by
MotoNovo to the motor dealer before proceeding with the finance agreement.
In addition, MotoNovo has communicated to all dealers and motor finance brokers that it has relationships
with of their separate and continued obligations to comply with the law and regulations, and their
responsibilities to implement any necessary changes. MotoNovo has put in place a thorough process to
assess that all dealers and motor finance brokers comply.
Whilst these actions have been taken to ensure that MotoNovo can resume operations and service the
needs of its customers, FirstRand continues to proceed with the legal process to appeal the Court of Appeal
judgment to the UK Supreme Court as the group disagrees with its findings.
Sandton
6 November 2024
Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 06-11-2024 11:00:00
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