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Regulator is too late in its action against comparison websites

I was interested to read the article last week that the FSA has written to 19 firms operating insurance price comparison websites to highlight concerns about the fair treatment of consumers.

The regulator says consumers may be being misled about the services they are receiving from price comparison sites.

For example, based on the claims made by price comparison sites they may believe they are receiving a quote based on their individual circumstances when they are actually receiving an illustrative quote based on a set of generic risk criteria.

But it’s a bit late for the FSA to notice that thousands of customers have used these sites to buy inadequate or inappropriate cover.

The regulator has made sure clients are driven like sheep to buy on a non-advised basis. What else did it expect would happen once it decimated the adviser industry?

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