Research firm The Resolution Foundation has called for a voluntary code of practice for price comparison websites.
The comment follows research showing 45% of people have used a comparison site to help them make a financial decision in the last year.
The research also shows many sites fail to explain the commercial relationships they have with product providers.
The Foundation says this risks misleading consumers who can easily mistake promotional features such as ‘best buys’ and ‘editor’s choices’ as being the best value products on the market.
Clive Cowdery, chairman of the Resolution Foundation, says: “Comparison sites are valuable in making informed financial decisions - but many sites are undermined by a lack of transparency about their commercial relationships.
“A voluntary code of practice would address this and encourage a growing market, without the need for further regulation.”
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