FCA in price comparison probe

The FCA has launched a thematic review into price comparison sites.

The review will focus on motor, travel and home insurance and will involve 14 websites and a number of insurance providers and will look at whether websites’ focus on price means consumers are failing to get the best deals for their needs.

FCA director of supervision Clive Adamson says: “We want to get to a place where consumers buy with the confidence of knowing they have all the relevant facts.”

Areas the FCA plans to look at include how key information is presented by comparison sites, and potential conflicts of interest such as sites being owned by insurance companies.

The regulator will publish the results of the review next year.

Master Adviser senior partner Roy McLoughlin says: “Comparison sites should flag up to consumers that they may wish to seek independent financial advice before purchasing a product.”