FSA wants to stop misleading insurance comparison sites

Mon, 12 May 2008

The Financial Services Authority (FSA) wants all insurance comparison websites to give consumers information that isn’t misleading.

Having assessed the insurance comparison website market, the FSA has revealed that while there was evidence of both good and bad practice, it is calling for all websites to make certain that all websites users are treated fairly.

Having reviewed 17 insurance comparison websites, the FSA found that even though they were all properly authorised, there was mixed evidence in with regard to the clarity, fairness and accuracy of the information given to customers.

Ed Harley, the FSA’s head of financial promotions, said: "We are keen that the insurance comparison market develops in a way that ensures customers are treated fairly and expect the comparison sites to provide information that is clear, fair and not misleading." He added that while consumers shop around for the best deal, it’s vital they they compare what’s covered by a policy and not just focus on the price.
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