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FSA issues call for insurance comparison sites to abide by TCF

The FSA has issued a call for insurance comparison sites to ensure they are treating users fairly after uncovering a mixed bag of good and bad practice in the market.

After reviewing 17 insurance comparison websites, the FSA says it discovered mixed evidence in terms of the clarity, fairness and accuracy of the information given to customers.

On the back of the research, the regulator has issued a call for all such sites to ensure users are treated fairly and provided with clear fair and not misleading information.

The review looked at whether consumers were encouraged to consider features, other than price, before purchasing products, the clarity of the levels of excess that apply to insurance policies and whether firms have appropriate systems and controls to ensure key product features are listed correctly.

FSA head of financial promotions Ed Harley says: “We welcome innovation and competition in the rapidly expanding insurance comparison website market. However, we are keen that the market develops in a way that ensures customers are treated fairly, and expect comparison sites to provide information that is clear, fair and not misleading.

“We recognise that many consumers use these websites to search for insurance products. Consumers should shop around for the best deal, but it is important that they compare what’s covered by a policy, and not just focus on the price.”


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International jurisdictions

By Neil Jones, Canada Life Investing through international providers has grown in popularity over recent years as investors seek out the benefits of gross roll-up and the wider range of investment options that can be available. When considering a recommendation for a lump sum investment, not only does the adviser have to select a suitable tax wrapper […]


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