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Oxfam launches price comparison site

Oxfam says it wants to grab a slice of the multi-million pound online price comparison industry and has launched a new website which will ring fence at least two thirds of its entire revenue for the charity.

Compare for Good was launched today by Oxfam supporter Joan Collins.

It allows customers to find the most competitive deal on a range of financial products and services, while raising funds for Oxfam. 

It is the first time a not-for-profit organisation has entered the price comparison market.

Compare for Good is powered by beatthatquote.com and offers price comparison services and advice on a range of financial products, from mortgages, insurance, loans and credit cards to gas, electricity or travel. 

Ivan Massow, managing director of Compare for Good, says: “Compare for Good is a unique way of raising money for charity on a long-term basis. I think this can be the next big thing and has the potential to raise millions of pounds for Oxfam while offering consumers the chance to find a bargain.”

The website ring fences a minimum of two thirds of its entire revenue for Oxfam with the remainder of the income being used for running and administration costs.

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  • Steve Brown 19th February 2010 at 4:55 pm

    For Valleyboy,

    I think you meant to say I was a cynic rather than a sceptic.

  • valleyboy 19th February 2010 at 11:09 am

    For Anonymous,
    What a sceptic you are and reading your post you havent understood a word that is going on, with this particular subject. Oxfam are no going to or ever will have a price comparison site, beat that quote are an information gatherer who then sells the enquiries to brokers via their other site ‘Finance leads online’ i would also say to you. Read the recent Which report on Comparison sites, Their conclusion is USE A BROKER as we will give the client best advice and products that will actually pay out if the need arises. On the Endowment thing, didnt the lenders sell more of these than brokers ?

  • Steve Brown 18th February 2010 at 2:14 pm

    You brokers are missing the point here. The public do not trust you and why should they – endowment mis-selling, pension transfers, mis-sold whole of life insurance, split capital investment trusts etc, so stating that the public need advice does tend to fall on deaf ears. So along comes an organisation like Oxfam with whom the public have a positive association and the public say yes I will use them because at least Oxfam will get something out of it and I can feel I have contributed to charity rather than making commission for a broker who may or may not be giving me good advice but on past experience brokers are more about making money for themselves from the current easy sale rather than really making sure I get the best deal for me. OK perhaps my arguement is a bit simplistic but I believe that a great swathe of the public think this way and it is a perception encouraged by certain parts of the media.

  • Chris Birchall 18th February 2010 at 11:38 am

    On the subject of advise or non-advise, I feel these companies that are advertising by mailshot or on the internet encouraging people to contact them by phone or internet are making it clear to the prepective client that they are not offering any advise. I further believe that clients do not understand the implications of not taking advice. prescriptive medicine is not dangerous on its own but taken by the wrong people for the wrong condition and it could be fatal. this is why we have Doctors. Why is that the FSA feel we advisers need to have qualifications coming out of our ears and CPD to back it up anf then let clients buy direct with no advise? I have today received in the post a lovely news letter from ING DIRECT, promoting all their products and they obviously promote their mortgage and advertise the fact that they have a 5 star rating from moneyfacts. they also state that the “whole application should only take 25 minutes”. No one should be able to apply for a mortgage in 25 minutes. it takes me 25 minutes to explain how we operate and the “Key facts – about our services”. Yet another example of the FSA making our job more and more process orientated, while these guys are doing what they like. they must be having a right good laugh at us.

  • Oktay 17th February 2010 at 7:25 pm

    There are still alot of people being misled into these price comparison websites beleiving that they are getting the best deals when they cleary arent. The FSA needs to CONTROL this stratedy of selling mortgages. No advice is being offered and also not all lenders are on the list. People take whats written on the site and accept it. Fair enough, we could call this a non-advised sale, but on the other hand these sites are misleading consumers!

  • Steve Brown 17th February 2010 at 5:00 pm

    Brokers know that these sites don’t always give the cheapest quotes and also that advice is a valuable commodity. Unfortunately, the general public either don’t believe us or we have not got the message across. Many people will use Oxfam instead of other comparison sites because they will get a good feeling that they are helping a charity. I think this is another nail in the non-specialist broker’s coffin. Ivan Massow as managing director is a brilliant move by Oxfam. He is well known to the media and will be sought out for quotes and commentary. I think that this has the makings of a huge success in terms of income generation for the charity.

  • Gemma Ingram Jones 17th February 2010 at 3:13 pm

    AS with all these sites, they are not independent or giving a fair comparison of anything. If they were then they wouldnt be selling out to the highest bidder. Comparison sites were in the news last month as the FSA have made recommendations into how these sites present quotation information to clients. Many make presumptions before a price is given such as the fact that they are presuming the house is occupied in the day. Well thats great but whose in your house in the day? and what happends if you get burgled and you are not in?? Message to consumers is the only way you will get advice is a financial adviser. Going direct cuts out that advice and in turns any real understanding of what they are buying. Would you go down the casino and put your house on black?

  • valleyboy 17th February 2010 at 2:29 pm

    hardly a price comparison website if like Argos they have jumped into bed with our old friend beatthatquote (finance leads online) i hope the prospective clients realise it is just an information gathering exercise and their information will be auctioned off to the highest bidder.

  • mike 17th February 2010 at 2:22 pm

    As with all these comparison websites not everybody is on it.Consumers are being misled into believing they have the best deal when in reality they haven’t