Insurance price comparison sites failing, says FCA
Article published by www.bbc.co.uk 16 July 2014
Far from helping consumers to choose insurance policies, price comparison sites may be confusing them further, according to the regulator.
The Financial Conduct Authority (FCA) says some sites are failing consumers’ expectations, while a number are breaking the rules.
The FCA said consumers were not being given the right information to help them make decisions.
Comparison sites relayed that they were offering helpful information to users.
Of 14 sites reviewed, many were accused of being “unclear” by the FCA, and some were failing regulatory standards.
The FCA said comparison sites tend to focus too much on price, without telling consumers about other policy details – such as the excess they might have to pay in the event of a claim.
It said that some consumers mistakenly believed that the price comparison website had provided them with quotes on the best policy for their individual needs and had assessed the suitability of the policy for them.
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