The ABI has welcomed the FSA’s new 'get tough' approach to price comparison websites.
The regulator issued new guidance to the aggregators yesterday following a review last year showing “failures” by the comparison websites to comply with its rules on arranging insurance contracts.
The guidance also states that consumers may be being misled about the services that they are receiving from the sites.
ABI director of general insurance and health Nick Starling said: “We welcome this step by the FSA. We have long had concerns about the potential for customer detriment when using comparison websites and have called for a thorough review by the FSA for some years. Our concerns led us to work with some comparison websites to develop voluntary good practice guidance in 2009. We very much hope that the FSA’s intervention will lead to all comparison websites complying with this code.
“Comparison websites are becoming increasingly active in commercial, life and protection insurances and it is important that customers shopping for these products are also protected by the FSA guidance.”
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