Comparison sites are failing to provide consumers with the best deal and should be strictly regulated, Which? has said.
The Financial Services Authority warned comparison sites they must hold the correct permissions for their activities in June last year. A Which? investigation claimed that many of the 11 most popular sites were using pre-selected answers and assumptions in their online forms for insurance products. "This may make quotes appear cheaper, but can also lead to basic ‘one size fits all' policies that could be unsuitable for individual needs or even prove invalid in the event of a claim," the report said. Which? executive director Richard Lloyd said: "We want to see tougher regulation an...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
