Regulation of comparison sites

Fri, 27 Feb 2009

The regulation of price comparison websites is set to increase after the Association of British Insurers (ABI) teamed up with new trade body The Comparison Consortium.

According to moneyextra.com, the initiative will see the Comparison Consortium working with price comparison sites and insurers to bring "an unprecedented element of regulation and professional standards" to insurance comparison websites.

Price comparison sites have been criticised for allowing "desperate" insurers to leap to the top of results table simply by cutting prices and for their apparent inability to compare "like for like" products. Richard Mason, acting head of the Comparison Consortium, said: "While comparison websites have become indispensable, it's time they realised that customer decision-making doesn't solely revolve around price."

Recently, a BBC Panorama programme criticised some of the methods used by several price comparison sites, such as the practice of accepting payments from some insurers for passing on business.
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