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FSA calls for end of misleading insurance comparison sites

FSA - Financial Services Authority

The Financial Services Authority (FSA) is calling for all insurance comparison websites to provide consumers with information that is not misleading.

 

In an assessment of the insurance comparison website market, the FSA said that while it found evidence of both good and bad practice, it is looking for all websites to ensure users are treated fairly.

 

Of the 17 insurance comparison websites reviewed, the FSA found that there was mixed evidence in terms of the clarity, fairness and accuracy of the information given to customers.

 

The review looked at whether consumers were encouraged to consider features of a product other than price before purchasing.

 

It also looked at whether key product features included within insurers' policies are correctly listed on the websites and whether the sites correctly relay consumer information to brokers and insurers.

 

Ed Harley, the FSA’s head of financial promotions, said: "We are keen that the market develops in a way that ensures customers are treated fairly, and expect comparison sites to provide information that is clear, fair and not misleading. We recognise that many consumers use these websites to search for insurance products. Consumers should shop around for the best deal, but it is important that they compare what’s covered by a policy, and not just focus on the price."

 

BIBA wants comparison sites to guarantee their quotes.

 

Private medical insurance: News update: May 2008

 

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