Price comparison sites ain’t what they’re cracked up to be, says FCA
The main problem is with the headings. The FCA says that too much focus is put on the big splashy headline price and the brand itself, and not enough info is given about what you actually get for your money. If you’re looking for home insurance, for example, you don’t necessarily get a full outline of your cover or any indication of whether it’s right for you.
The FCA eyeballed 14 price comparison sites and found that the websites don’t make it clear that they just gather and show all the prices – and don’t necessarily tailor their suggestions to your specific needs.
However, some are very naughty indeed and break FCA rules because they don’t declare potential conflicts of interest - ie, some sites are owned by the very insurance companies they’re trying to
pimp ‘impartially’ suggest.
Clive Adamson from the FCA said: ‘Our research found that price comparison websites are not meeting our requirements in delivering fair and consistent outcomes for consumers. We also found that consumers had a number of misconceptions about the services they provided. It is important for consumers to understand that not all products are the same and the cheapest product may not always be the best for their needs.'
Companies like gocompare.com have said they would look carefully at the report’s findings, just as soon as the corrupt Go Compare man comes back from taking crack at the meerkat brothel.