Consumers are drastically understimating the commissions taken by comparison sites which totaled £650m last year, according to new research.
Just as the FSA clamps-down on commission dislosure for financial advice, it appears consumers are still ignorant about payments being taken by product comparison sites.
The YouGov research, carried out on behalf of SaveItBuddy.com, found 10.1 million people in Britain used a comparison site in the last year, resulting in an average commission of £64.59 each.
It discovered consumers underestimated these commission taken by comparison sites, with a fifth putting this at 5% of their purchase, and another fifth saying it stood between 5% and 10%.
In fact, the research claims, the average commission is actually 24%.
Consumers said they used comparison sites because they believed the sites provide the cheapest deals (37%) and helped to save time when renewing insurance (27%).
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