The FCA has raised concerns about Moneysupermarket.com adverts which made claims about how much money its comparison service could save people compared to rivals.
The regulator says adverts Moneysupermarket.com ran between August and October did not meet principle seven of its principles for business. Moneysupermarket.com has agreed to publish a statement on the home and car insurance pages of its website for four weeks highlighting the FCA’s view that the adverts “did not fully meet the standards it expects for such advertisements”.
The FCA says the adverts gave the impression Moneysupermarket.com was cheaper than rival comparison sites 50 per cent of the time when it fact the firm’s own data shows it is cheaper in around 34 per cent of quote searches.
Moneysupermarket.com has agreed not to publish or broadcast the adverts in the same way in future.
The statement reads: “The FCA considers our recent advertising campaign did not fully meet the standards it expects for such advertisements. The FCA is concerned that the adverts created an incorrect overall impression that Moneysupermarket is cheaper than other leading comparison sites more than 50 per cent of the time.”
Moneysupermarket.com chief executive Peter Plumb says: “Our job is to get motorists the same cover for less. We’re doing that; 34 per cent got better prices through us, that’s ahead of our nearest competitor at 21 per cent according to our independent research.
“In 2014 we want to do even better. The Competition Commission is now removing a major barrier used by some of our competitors to prevent insurers giving cheaper prices to Moneysupermarket customers. “It’s all about lower prices and I am pleased that having worked with the FCA we are clear how to communicate this important message to motorists in 2014.”