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Google closes BeatThatQuote.com’s lead generation arm

Google is closing BeatThatQuote.com’s lead generation arm FinanceLeadsOnline.com.

Google acquired BeatThatQuote.com in March in a deal worth £37.7m.

FinanceLeadsOnline.com, which began by providing mortgage and loan leads but expanded to incorporate financial services, will shut down on 2 January.

In total, the business provides 39 different lead types across all products and incorporates more than 5,000 brokers and IFAs

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. This is no big surprise. The surprise is that Google paid nearly £38 million for the company last year! Mr Paleomylites is one hell of a salesman!!!! Brokers have been turning their backs on lead generation companies since the mortgage market collapse in 2007/2008. Why do you think MoneySupermarket.com paid Martin Lewis £80 million for his company MoneySavingExpert? They have no interest in becoming so-called ‘consumer champions’, they simply needed new customers and his 15 million+ email newsletter subscribers are a captive audience! I bet they didn’t agree to having their details sold on for a profit when they joined MoneySavingExpert?! Mr Lewis is another great salesman 🙂

  2. Confused, but not .com 21st November 2012 at 2:48 pm

    No surprise that another comparison site bites the dust. Martin Lewis clearly got out at the right time. How are these price comparison websites going to survive when commission is finally banned from the financial services industry? Already IFAs are unwilling to buy the data/leads from these sites, and if they’re banned from receiving commission from insurance companies for redirecting traffic to their website just how will they make money? Will they start to charge users a fee, or will they just get a ‘free pass’ from the regulator?? Come on MM, ask the question!

  3. I wonder if the reasons why Google have suddenly decided to close this business down is more to do with the fact that the regulator is starting to ask questions at long last. After all how can lead generation firms advertise a service they clearly cannot provide by themselves particularly after the introduction of RDR.

    Aren’t you meant to hold an SPS certificate to be able to trade in financial services advice after 1st January 2013 and if so how can these firms possibly carry on trading with this
    requirement.

    I for one will be asking the regulator that exact question as I believe that they are in breach of the Financial Services And Marketing Act 2000 without the introduction of RDR rules.

    I personally believe that lead generation firms like this confuse the clients as they have no understanding of what the differences between a lead generation firm and a registered IFA, it doesn’t help that the regulator does not spend any time or money promoting the FSA register which should be used as the consumer safe kitemark.

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