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Moneyfacts warns consumers of financial websites driven by commissions

Moneyfacts has suggested that consumers searching for the best deals should be wary of financial websites driven by commissions from providers.

Moneyfacts says if consumers are looking for more specific information on products that suit their needs, the searches on its site allow them to answer a series of questions and then present them with results that match their criteria. It says filtering options also help them to drill down their results. For example, with credit cards the consumer can filter for cards with loyalty schemes, free usage abroad, cashback, no fees and other features without having to start the search again.

Moneyfacts says that although a number of financial websites offer similar facilities, moneyfacts.co.uk is not a website driven by commission from providers. It is not paid by any provider for inclusion in its charts or searches. Income from moneyfacts.co.uk comes from advertising and affiliates. We aim to monitor all products from all providers.

Emma Butler, web editor at Moneyfacts, says: “People are increasingly turning to the internet as a source of information. With the vast number and scope of websites currently available it can be difficult for them to know which sites are a reliable source. As far as financial sites are concerned, these have the potential to save people time and money when looking for financial products. However, it is essential that the data is accurate and that consumers are given the whole picture, not just a part that is earning the website commission.”

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