News Article Published:
Thursday, 08 May 2008
Category:
Insurance
Insurance comparison websites are providing misleading information, according to the Financial Services Authority (FSA).
In a review of 17 comparison websites, some were found to contain unclear insurance marketing of quotes.
According to the FSA's head of financial promotions, Ed Harley, it is important that consumers have the chance to choose best deals based on policy coverage as well as price.
He added that the authority is keen to see that customers are treated fairly by the fast-expanding price comparison site industry.
Mr Harley explained: "We are keen that the market develops in a way that ensures customers are treated fairly, and expect comparison sites to provide information that is clear, fair and not misleading."
The FSA has provided the comparison sites with examples of good and bad industry practice for guidance.
Examples of bad practice uncovered in the investigation included the exclusion of excess levels from prices and quoted prices differing from that actually offered by the insurer.
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