View more on these topics

FCA set to review regulation of comparison websites

The Financial Conduct Authority will review the regulation of price comparison websites this year as it seeks to tackle misleading consumer information.

Martin Wheatley BBA Conference 2012 480

In its first annual risk outlook, published today, the FCA says comparison sites have been a “fundamental driver” in consumers’ focus on headline prices and brands.

The FCA says self-service online models increase consumer information and product choice in core general insurance markets but the focus on headlines distracts consumers from crucial product features such as coverage and terms.

The paper states: “[The FCA] will launch a review of compliance among price comparison firms and potential consumer protection issues these platforms raise.”

It adds: “As demand for price comparison sites continues to grow, these platforms could increasingly sell complex products that are marketed on price rather than coverage.

“These products may not be appropriate for the mass market, and which may provide a misleading impression of products on offer – consumers may not realise that not all products are displayed on price comparison websites.”

Major online comparison websites are already FSA regulated.



Chancellor to launch £130bn MIG scheme under Help to Buy banner

Chancellor George Osborne last week announced a package of measures that could encourage tens of billions in extra mortgage lending. The measures, known collectively as Help to Buy, build upon the Government’s existing mortgage indemnity and shared equity schemes, NewBuy and FirstBuy. Osborne announced the creation of a new £130bn MIG scheme which, unlike NewBuy […]

Letters to editor MS 480

Letters to the editor

Star letter I was interested to hear in the Budget last week the announcement of the Government’s Help to Buy scheme. This will come in two forms – a 20 per cent shared equity option and a mortgage guarantee option whereby the Government will offer a government guarantee to lenders who offer mortgages to people […]

First Complete system flags up missed payments

First Complete has introduced a new notification system which alerts members when a client misses a payment on their protection policy. The information provided will be a composite of when a payment was missed, the arrears due, the requirements needed to reinstate the policy and the amount and date of commission clawback should the clients’ […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • Stuart Duncan 25th April 2013 at 10:24 am

    This has to be a welcome news. I do not mind competing with online offerings, but I want to do it on a level playing field, where the consumer is made aware of product limitations and complexities.

    Buying online can be very dangerous to financial health.